IoT: Moving insurance from risk protection to prevention
In this IIL property lecture Ruby Ghunia offered pragmatic guidance on the relevance of IoT applications in the commercial insurance sector, while highlighting the advantages from leveraging data and analytics to improve decision-making and enhance margins.
The commercial insurance sector has been comparatively cautious in embracing the Internet of Things (IoT), and is therefore challenged in convincing its customer base of related gains. While investment in IoT can ultimately generate new tailored value propositions, collating and sharing data across a range of disparate sources can introduce additional risk if not managed properly.
By the end of this lecture members would have gained an insight into:
- Where IoT 'fits' within the commercial insurance sector: What is the bottom line?
- The fundamentals for IoT deployment
- How the data driven platform will shape the sector's services orientation
- Opportunities to cross-sell
- Checklist on how insurers can foster best practice across their wider partner ecosystem
Ruby leads GlobalData's Digital Insurance Practice. Her role covers digital transformation strategy, and the role technology plays in the insurance industry. Recent assignments have included big data and advanced analytics, Internet of Things (IoT), cybersecurity, InsurTechs, digital channels.
Martin Eyres, Underwriting Director, Barbican Protect.
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