internet of things within the insurance industry
TRANSCRIPT
IOT for the Insurance Industry
Internet of ThingsWhat is IoT?
Connecting any device with an on and off switch to the Internet (and/or to each other). This includes everything from mobile, coffee makers, washing machines, headphones, lamps, wearable devices and almost anything else you can think of.
•Devices•Equipments•Data
Smart
•White goods•Brown goods•Apparels •Pets
Home•GPS / Fuel•Safety Equipment•Roadside equipment
Cars
•Wearables•Smart-devices•Vehicles
Outdoors•Building •Factory •Infrastructure
Office
Device Network Cloud Application
Internet of ThingsGrowth by 2020s
Housing
1.9 billion connected home devices by 2019, bringing in $490 billion in revenue (CMO)
Industry
The value of IoT technology in manufacturing is estimated to be $2.3 trillion by 2025 (Intel)
Infrastructure
90% of cars connected to the internet by 2020 (CMO)
Retail
26 billion smart retail units by 2020 (Gartner)
Healthcare
the value of IoT technology in healthcare is estimated to be $2.5 trillion by 2025 (Intel)
Internet of Things At Home and Office
Burg
lary
• Sens
ors t
o pr
otec
t hom
e
and
be in
form
ed if
you
have
unw
ante
d gu
ests
Monitor Home
• 24/7/365 home
monitoring system
• Email / Call on spotting
real threats
Energy Management
• Turn off devices when
not in use• Save on energy and
accidents
Audio Monitoring
•Notify when child crying
• Glass breaking
•Pet mistaken for burglars
Internet of Things Motor
Car’s Health
• Upto date
information on
the car’s
health
Accidents• Share accident
information with the insurer
Drive Safety
•Get intelligence
on weather
•Road Accidents
Internet of ThingsIoT Platform
IoT Data
Home
Office
Motor
Pet
IoT Platform
+ Monitoring
Insurer
Internet of Things Roles Insurance can play
Data Aggregation
Car IoT
Home IoT
Motor IoT
Pet IoT
Data Monitoring
Visualisation
Monitization
1. Owner: Own the IoT ecosystem
2. Buy from Aggregator: Purchase data and provided customised insurance
Internet of Things 1. Owner of the IoT Ecosystem
IoT Plaform Insurer
Monitor Protect
Devices
Data
- Data Owner- Service Owner
- Ecosystem Enabler
Input from IoT
IoT Insurance Ecosystem
Internet of Things 2. Buy from Aggregators
IoT Plaform Insurer
Monitor Protect
Devices
Data
- Provide Custom Insurance Products
- Buy data for analysis
Input from IoT
Internet of ThingsAdvantages for Insurer
New Products
Increase Loyalty
Upsell
Reduce Risk
Monitor
Collect Data
•Via IoT Inurers can provide new ‘custom’ insurance products
•By offering IoT based schemes insurers can increase retention
•Selling a service alongside insurance can increase margins for insurance companies
•Minimise the risk associated with burglary and emergencies (smoke, CO and flood).
•Track missing pets, gadgets and be connected with your loved ones at anytime.
•Collect data on usage, risk profile and more.
Internet of Things The Value Chain
Customer Ecosystem
User Data
Energy Savings
Protection
Security
Insurance
For further information please contact Raj Anand +44 208 1333 676
www.twitter.com/rajanand
www.rajanand.biz