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EY - The internet of things in insurance

The internet of things in insurance Shaping the right strategy, managing the biggest risks The internet of things in insurance : shaping the right strategy, managing the right risks Until recently, the internet of things (IoT) was on The IoT offers truly disruptive and transformative the strategic agenda of only the largest and most potential to the insurance industry. Substantial progressive insurers. The IoT was largely viewed as a mhka\] ]n]f jkl%egn]j Y\nYflY_] ]paklk ^gj . futuristic concept, and many insurers adopted a wait insurers that can shape the right strategy. This paper and see attitude. will outline the key components of such a strategy, including: Such a posture is no longer viable.

1 The Internet of Things in insurance: shaping the right strategy, managing the right risks www.ey.com Until recently, the Internet of Things (IoT) was on

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Transcription of EY - The internet of things in insurance

1 The internet of things in insurance Shaping the right strategy, managing the biggest risks The internet of things in insurance : shaping the right strategy, managing the right risks Until recently, the internet of things (IoT) was on The IoT offers truly disruptive and transformative the strategic agenda of only the largest and most potential to the insurance industry. Substantial progressive insurers. The IoT was largely viewed as a mhka\] ]n]f jkl%egn]j Y\nYflY_] ]paklk ^gj . futuristic concept, and many insurers adopted a wait insurers that can shape the right strategy. This paper and see attitude. will outline the key components of such a strategy, including: Such a posture is no longer viable.

2 Early adopters have established a clear and compelling value proposition Processes, functions and areas where the IoT. by demonstrating how data from in-home and could have the biggest business impacts automotive sensors, wearable technology, drones, The biggest and most important risks to manage . GPS, mobile and telematics devices, networked data security chief among them appliances and multiple other sources can help :]kl jkl kl]hk ^gj afkmj]jk k]]caf_ lg . grow new business, improve risk assessment and operationalize and ultimately monetize data proactively engage policyholders in loss prevention. from the IoT.

3 1. The internet of things in insurance : shaping the right strategy, managing the right risks The IoT: what it is, why it matters in insurance The internet of things is the network or system Location-based sensors, such as those in of interrelated computing devices, sensors, living ^Y[lgja]k$ oYj]`gmk]k gj g^ []k Yf\ af%`ge] . [j]Ylmj]k gj gl`]j gZb][lk l`Yl `Yn] mfaim] a\]fla ]jk sensors, including smart thermostats, security and can communicate with other devices on the technologies, such as alarms and cameras, and network. These objects, or things , are capable of industrial control systems transmitting data.

4 Other geographic information systems (GIS) that For insurers, the most impactful data streams and provide geophysical, topographical, climatological sources from the IoT are likely to include: and hydrological data, as well Yk af^gjeYlagf YZgml mladalq _ja\k Yf\ a_`l hYl`$ . Wearable or personal technology, sometimes and that may include drone and [Ydd]\ l l][`$ g^l]f mk]\ af l`] [gfl]pl g^ . satellite imagery monitoring heart rate, steps walked and other health-related metrics. This technology is rapidly While this data is directly accessible by or streams developing, with prototype patches already to insurers via sensors or mobile devices, third- performing blood work and ECGs and automatically party organizations may also play a role in owning, administering drug doses.

5 Aggregating, and distributing to insurers. All of these data types are potentially useful for the full range Sensors on objects, including personal and of products and lines of business, from commercial commercial vehicles and shipping containers, that 0 1 0 10 1 01010. (which was an early adopter and has been an 1. 0101010. measure distances traveled, speeds and frequency and level of braking 1 0 1 0 1 0 1 0 1 01. 1 0 10 1 01 0 1010. advanced user of such data for many years), to life, 0101010 0101010. property and casualty and health. 0 1 0 1 0 1 0 1 0 1 0 1. 0 1 0 1 0 1 0 1 0 1 0 1. 0 1 0 1 01 0 10101. 1 1 1.

6 010101010 01010101010101010 01010101010101010 010101010101. 1 1 1. 010101010 01010101010101010 01010101010101010 010101010101. 1. 010101010 Wearable 0 1 0on101 Location-based 0 1 101. 0 Geographic 0 1 0 1 0 1 or 01010. 0 1 1. Sensors 0 1 0 1 0 1 0 1 0 1 0 1 0 1. 01 0 1 0 1 01 010101. 101010101 technology, 01010 1 101010 1. 010101. personal objects sensors in information 1 0 1 0 1 0 1 0 1personal 1 0 1 0 1 0 1 0 1 01 0 1. 0 1 0 010101. and 0 1 0 factories, 0. systems 1 10and 101010101sometimes 1 0 1 0. called 101commercial 1 0 1 0 1 0 1 0 1 1 0 1. warehouses, 0 0 10 providing 101010. 1010satellites 1 0 1010. 1010 1 0 vehicles1.

7 10 0. and 1 0 g^ []k Yf\ `ge]k . 1 0 1 0 1 0. geophysical, 1010 0101010shipping01010101 smart 0101010 topographical, 0101010. l l][` . 01 0 1 0 1 0 1 1 0 1 01 0 1 0 1. 1010101 0 1 0 1 0 1 0101. 01containers 0 1 0 1 0 1. thermostats, 01010climatological and 01 0 10 1 010. 01 0 1 0 1 0 1 0 10 1. 101010101 10101010101010101 10101cameras 101010101 101010101010. alarms and hydrological data 0 1 0. 10 10 10. 010101010 01010101010101010 01010101010101010 0101010101010. 1 1 1. 010101010 01010101010101010 01010101010101010 010101010101. 1 1 1. 010101010 01010101010101010 01010101010101010 010101010101. 1 1 1. 010101010 01010101010101010 01010101010101010 010101010101.

8 1 1 1. 010101010 01010101010101010 01010101010101010 010101010101. 1 1 1. 010101010 01010101010101010 01010101010101010 010101010101. 101. 10101010 The 0 1 0 1 0 1 0 1 010101 0 1 0 1 0 1 01 010101 0 101010. 1 0 1 0 1 0 1 1 0 1 0is 1 0 1 0 1 0 1 0 1 0 1. 10101010have traditionally 0101010 010101. ability to directly access customer data via the IoT a new phenomenon for insurers that 01 0 1 0 1 0 1 0 1. relied 0. on 1. brokers. 0 1 0 1 0 1 0 1 0 1 0 1. 0 1 01 0 1 0 1 0101010. 1010101 1 0 1 0 1 0 1 0 1010101 1 0 1 0 1 0 1 0 1010101 10 1 01 0 10 1010. 0 0 0. 101010101 10101010101010101 10101010101010101 101010101010.

9 10 10 10. 010101010 01010101010101010 01010101010101010 0101010101010. 2. 010101010. 1 010101 010101. 101010101 101010101 101010101. The internet of things in insurance : shaping the right strategy, managing the right risks The impact: today and tomorrow The IoT's impact within insurance is coming fully into focus. At the highest level, better use of IoT and sensor data means insurers have the opportunity to: Establish direct, unmediated customer relationships ZYk]\ gf \aj][l Y[[]kk lg gZb][lan] Yf\ mf dl]j]\ \YlY. Gain more granular and precise understanding of who their customers are and how their needs change over time EY's 2016.

10 Individualize offerings of products, features and Sensor survey: access options lagging insurers must For insurers that have relied on agents and brokers, l`] YZadalq lg \aj][ldq Y[[]kk gZb][lan] Yf\ mf dl]j]\ . embrace new data customer data represents enormous change. In 2016, EY's global insurance practice Historically, much customer data was unavailable, [gf\m[l]\ Y jkl%g^%alk%caf\ kmjn]q . and the information insurers could access was often lg ]phdgj] l`] aehda[Ylagfk g^ k]fkgj%. subjective or inaccurate. Consider the common based technology with C-level and misrepresentation of data around certain behaviors gl`]j k]fagj ]p][mlan]k ^jge afkmjYf[].


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