In every sector, businesses are affecting organisational change through digital technologies and business models to improve performance. The insurance sector is well and truly part of this ‘fourth industrial revolution.’
How is Connectivity Shaping Insurance and Risk Management?
IoT technology is challenging risk-management fundamentals and insurance underwriting criteria, as sensors track both human behaviour and machine performance.
In commercial lines, risk management data is increasingly networked and automated in construction, real estate, engineering inspection and marine cargo. In personal lines: IoT is changing the way we look at cars and driving, while personal possessions are increasingly traceable.
The amount of data associated with the internet of things (IoT) will grow 3.8-fold globally by 2019. This means a new wave of smart insured assets that can each disclose (at least) its own status constantly. Insurers are tasked with pinpointing value in all that data. In response, some are already redefining their insurance propositions for the internet of things.
Connected Construction Workers for Employers’ Liability Insurance
Nicolas Berg, Head of Liability and Financial Lines, Europe – AIG Europe will be in attendance at IOT World Forum to discuss AIG’s revolutionary partnership with Human Condition Safety, an early-stage company matching wearable technology with artificial intelligence.
“This is a platform that enables workers to reduce injuries and employers to improve operational efficiency,” said Ashley Hirst, Chief Operating Officer and Chief Underwriting Officer at AIG. HCS’s technology can detect when a worker carries too much weight, makes a bad bend or enters an area that puts them at risk of injury.” All of which helps in the underwriting process for classes of insurance such as Employers’ Liability.
Intelligent Telematics for Commercial Fleet Insurance
Intelligent Telematics is a provider of telematics to commercial fleet operators and has successfully helped these businesses to improve their insurance claims defensibility. Cisco Jasper Control Centre is the IoT cloud platform that enables Intelligent Telematics to manage connectivity for all their IoT devices, ensuring a secure, highly reliable and scalable service for all of their clients. Cisco Jasper could also be tailored to the requirements of any IOT business. Find out more.
Augmented Reality for Engineering Inspection Insurance
Augmented Reality takes what one sees in the real world and combines it with actionable and relevant intelligence that can be used in remote situations. The Electric Power Research Institute, a non-profit agency funded by the utility industry, has initiated a large-scale study with some of the largest utility players in the world to see how AR could better enable the industry’s workforce. Insurers that offer Engineering Inspection Insurance have been quick to grasp the benefits of connectivity, with online reporting portals linked to plant RFID tags. Could we be about to see engineer inspectors and risk engineers sporting augmented reality goggles?
Blockchain for Marine Cargo Insurance
Marine Cargo is a top line of business for many of the world’s largest insurers, but the industry suffers from theft and freight exchange scams orchestrated by organised criminal networks. In fact, $22.6bn of annual global losses are attributed to cargo theft (source: BSI, 2016). In an effort to mitigate the risk, the marine cargo industry has steadily been moving towards electronic air way bills (EAWB). Could linking EAWBs to blockchain mitigate the risk of cargo theft and make the global supply chain a much safer place to operate?
Join Us at the Internet of Things (IoT) World Forum
If InsurTech is your cup of tea, join us at the IOT World Forum, Tobacco Dock, London on 22-24 May.
Alongside featured speakers including Cisco CEO Chuck Robbins, captains of industry — including senior insurance figures — will discuss how new customer propositions are emerging in a world of connected devices.
Alternatively, look out for Twitter coverage and join in using #CiscoIOTWF
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