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Transforming Connected Services into Industry Beating Experiences | Insurance IoT 2017 Keynote by Dion Hinchcliffe

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As the world becomes infused with sensors and everything becomes quantified, industries like insurance are literally being revolutionizing by a combination of Internet of Things and analytics. Here's how to think about the opportunity strategically. From my opening keynote at Insurance IoT in Chicago.

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Transforming Connected Services into Industry Beating Experiences | Insurance IoT 2017 Keynote by Dion Hinchcliffe

  1. 1. Transforming Connected Services Into Industry-Beating Experiences Dion Hinchcliffe @dhinchcliffe Constellation Research June 6th, 2016
  2. 2. @dhinchcliffeConstellation Research We Live in Exponential Times Mobile Traffic through 2020
  3. 3. @dhinchcliffeConstellation Research Vision: Everything that can be connected will be connected What will do you with this power?
  4. 4. @dhinchcliffeConstellation Research Competitive advantage today is about being connected • The Internet of Things – Every non-trivial (and many trivial) object is going to be connected to our networks – 50 billion objects by 2020 – All your customers – All their devices and data – Value moves from periodic engagement to continuous engagement – Required deriving insight and analytics • The Internet of Customers – Connected relationships in scale – Through all devices and channels – Enabled by platforms and applications • That orchestrate, analyze, and provide insight
  5. 5. @dhinchcliffeConstellation Research The Motivation for IoT is the Opportunity • Your organization is connected to all 2.5B connected people in the world 24 hours a day through their devices and digital touchpoints - What will you do with this historic opportunity? - While there is still first mover advantage • They generate visible data continuously - On social media - From their mobile devices - From applications - From everything connected • This will enable you to make unprecedented insights in real-time. • To drive high impact results and create new business opportunities
  6. 6. @dhinchcliffeConstellation Research We’ve learned that digitally networked organizations get outsized benefits Source: McKinsey Connected Technology Survey (3,000 firms) 25% average improvement in organization outcomes
  7. 7. @dhinchcliffeConstellation Research As Customer Experience has Emerged as the Top Business Differentiator
  8. 8. @dhinchcliffeConstellation Research The Risk: Digital is Wiping Out Companies Faster Than Ever
  9. 9. @dhinchcliffeConstellation Research Internet of Things will run our cities, businesses, and homes And provide data that will revolutionize the insurance industry
  10. 10. @dhinchcliffeConstellation Research The Major Types of IoT (And Insurance Vectors)
  11. 11. @dhinchcliffeConstellation Research Why IoT is different than previous connected strategies • Total ubiquity • Standardization has matured • Protocols and hubs that can support the numbers of devices • Far richer sensor data • Much lower cost floors • Small and lower power devices • Will create vast streams of valuable data 24/7 • Advent of wearables and embeddables – Smart everything – Smart dust
  12. 12. @dhinchcliffeConstellation Research Network effects still the strategy, but IoT revolutionizes the game • Network effects have long become the new ‘digital marketshare’ • Definition: Anything that has value the more than other people have it too • Value is based on an exponential growth curve • Is a force multiplier – But more importantly a zero sum game • The Internet of Things is going to shift the networked value conversation two orders of magnitudes to the right
  13. 13. @dhinchcliffeConstellation Research The Future Belongs to the Network Orchestrators of Devices
  14. 14. @dhinchcliffeConstellation Research The Golden Rule of Digital Business “Those who have the data make the rules.” And IoT will create more data than has ever existed before
  15. 15. @dhinchcliffeConstellation Research Insurers Must Understand The Power of Digital Ecosystems As There is a “Winner-Takes-All” Tendency in Digital
  16. 16. @dhinchcliffeConstellation Research How IoT Will Help Insurers and the Insured: At a Cost
  17. 17. @dhinchcliffeConstellation Research How to capture the strategic value with IoT
  18. 18. @dhinchcliffeConstellation Research The (conservative) IoT business case
  19. 19. @dhinchcliffeConstellation Research IoT is Leading to a Rethinking of Insurance Models
  20. 20. @dhinchcliffeConstellation Research Partnerships: Getting Up to Speed with Insurance and IoT Quickly
  21. 21. @dhinchcliffeConstellation Research A Better Model: Investment into IoT Startups in Insurance is Growing
  22. 22. @dhinchcliffeConstellation Research A Co-Evolution with Consumers: How IoT-based Insurance Will Work
  23. 23. Case Examples of IoT in Insurance June 6th, 2016
  24. 24. @dhinchcliffeConstellation Research Case Example: Progressive Snapshot • Drivers an opt into the program • Uses a telematics dongle and machine learning, • Progressive is able to judge how a driver is performing on each journey. • The insurer is able to price more accurately and manage risk better • Drivers can save up to 30%
  25. 25. @dhinchcliffeConstellation Research Case Example: Beam Digital • Provides a smart toothbrush to every customer • Monitors their oral health and uses this information to support a dental insurance plan • Sends the customer notices and encouragement if their brushing habits are falling short of the required standard • Cuts insurance premiums for customers by up to 25%
  26. 26. @dhinchcliffeConstellation Research Case Study: Erie Insurance • Erie Insurance employs drones for property inspections in the event of a damage claim • Widely used in the recent Florida hurricane • Can do roof inspections in 10-20 minutes vs. an hour for a person at a fraction of the cost
  27. 27. @dhinchcliffeConstellation Research Insurance with IoT: Conclusion • There are both significant hurdles and opportunities for IoT in insurance • First-mover advantage is still possible • The window is closing on owning many classes of insurance data online • Regulatory barriers • Customer privacy and security • Technology maturity • Digital skills of insurers • Disruption for slow movers Challenges Opportunities • Lower risk and cost • Additional revenue streams • New business models • Digital sustainability
  28. 28. Contact @dhinchcliffe June 6th, 2016