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February 09, 2019

IoT for Insurance – A Winding Road with Some Direction Insight….

Philip L. Schwartz

Philip L. Schwartz
Chief Data Officer, Senior Technical Staff Member/International Business Machines (IBM)

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On a global level, we see a variety of use cases in a proof of concept or production level.

Fleet management, asset tracking, smarter buildings, elder care, connected home, connected auto, and safer workplace are all active.  As I mentioned in an earlier blog posting, each of these use cases seems to have a geographical hot spot. 

What is the end game?  Where does the road lead?

From a personal insurance perspective, the future looks clearer.  Connected life (auto, home, health, etc.) will be the main end game.  How and when we get there will be interesting.  The journey will not be a straight line.  Some of the roadblocks and detours will be caused by:

  • Technical infrastructure designs that limit the ability to run cross use case analytics
  • Data ownership issues
  • A lack of cross line of business collaboration in insurance carriers

The future in the commercial insurance arena will not be as simple.  Many use cases, such as smarter buildings, connected industry, and safer workplace, will often appear together.  However, there are many, many possible use case permutations in the commercial world.

To deal with this uncertain future, it is essential that insurance carriers choose a technology platform and ecosystem that has the flexibility to support a variety of integrated use cases within the insurance vertical and across other verticals such as auto, health, and retail.

Comments? You can contact me directly via my ExecRank profile.

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