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Arqiva and the Internet of Things in the Insurance industry
Last year I was delighted to talk about what the IoT could mean to the insurance industry at the Insurance, Data and Analytics conference.
The technology presents a fantastic opportunity of digitally transforming the Industry through new value creation.
The Internet of Things is at its heart about business transformation, through the creation of smart systems that enable real time and autonomous decision making. It’s about the many millions of things that historically weren’t connected – enabling these to communicate and talk to each other for the first time. This creates new valuable information, allowing the digital transformation of operations, services and product experience for business and consumers alike.
The range of applications are endless, we are for example already seeing huge potential about to become a reality in our homes and places of work with low cost, plug and play smart sensor enabled smoke, water leak and intruder alarm solutions, that will create new monitoring, management and safety services. This exciting new technology has the potential to create new digital insurance services, as well as add greater granularity of data to traditional Insurance risk modelling, in turn transforming how insurance is sold and perceived by customers.
An excellent example of this can be seen in France where new legislation will mandate all households be equipped with a smoke detector. A leading insurer is providing a service that includes connected alarms using the SIGFOX network to monitor battery power to ensure detectors are fully functioning, enhancing consumer’s peace of mind and in turn reducing risk of Fire damage as well as Insurance underwriting risk.
Arqiva, through its digital and network expertise established in running TV, WiFi, mobile and Satellite networks, is developing new and exciting ecosystems around The Internet of Things. This includes a UK network where we aim with partners to enable many new and exciting digital transformational services to industries such as the insurance industry.