PodChats for FutureIoT: Redefining insurance with IoT

Insurance is a competitive landscape, more so these days as regulation evolve, customers become demanding and picky with what products they need and how much they are willing to pay for. The entry of insurtech has also opened new avenues for insurers to market products, in some cases, create totally new offerings in new locations, not possible with the conventional model for marketing insurance.IoT-enabled insurance involves the utilization of drones, machine learning (ML), telematics, robotic process automation, wearables, artificial intelligence (AI) and augmented reality (AR) solutions to provide improved and effective insurance services. The IoT insurance offer services, such as immediate risk management, claim management and reduction of operational costs of the organization during claim settlement. It is widely used across various industries, such as banking, financial services and insurance (BFSI), automotive, transportation, healthcare and construction.In today’s PodChats for FutureIoT, we are joined by Andrew Yeoman, CEO of Concirrus, to give us a better understanding of how insurers are using IoT to reimagine insurance.1.       How has the insurance industry in Asia evolved in the last five years?2.       It can be argued that IoT is still relatively new as applied in insurance. Can you cite one or two recent innovations around the use of IoT in insurance?3.       What is the value proposition of IoT in the provision of insurance products and services?4.       There are two aspects of IoT that need to be addressed in insurance: risk management and the other is around data privacy and protection.a.       How are insurers using IoT to better manage their risks? (insight into behavioural analysis)b.       In your observation, is the understanding of IoT technology, sufficiently mature around data privacy and protection?5.       How important is having a clear business model to benefit from IoT data? And how can businesses adopt such a model?a.       What skills, expertise, the experience must an insurer have access to benefit from the use of IoT?b.       When looking to tap IoT, what questions should leadership ask their CIO/CTO to ensure they are in the right direction and frame of mind? 5.       What does Concirrus bring to the table?

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