Concirrus CEO Andy Joman tells why the current insurance business model will be impacted, why the "Internet of Things strategy" is the future trend, and why data ownership is important.
As the Internet of Things becomes more and more mature in a series of industries (including the insurance industry), we need to think about the changes that the networking technology will bring. Some changes will lead to the emergence of positive new business models and closer customer relationships, others will become unpredictable, and some may even be dangerous. In short, be careful of unexpected consequences: if it can happen, it will most likely happen.
As an example, look at another, older technology: safety helmets. In 1990, the State of Victoria, Australia, stipulated that all cyclists must wear safety helmets. After the implementation of the regulations, the number of people with head injuries was reduced, but the number of cyclists also decreased unexpectedly, and naturally there was less exercise. In terms of health, This is counterproductive, of course, this is obviously not the intention of the regulator.
Take a look at today, smart toasters, connected thermometers, smart pet collars, and so on. These daily necessities connected to the Internet are just a small part of the Internet of Things.
The networked machines and devices in the factory provided endless development potential for the fourth industrial revolution. Experts predict that by 2020, more than half of new business will be running in the Internet of Things. The data generated by these connected devices will allow us to completely change our existing business models. What else will change?
Internet of Things Insurance Strategy
For insurance companies, the availability of all this data means that the "Internet of Things strategy" is the future development trend, and the current business model is being threatened. In fact, the current investment of insurance companies in smart networking accounts for 80% of the entire technology investment. Obviously this is the next big wave in the insurance industry.
However, what should you do when the solution becomes a problem?
In 2012, an 18-year-old young driver and a friend accidentally overspeeded while driving a car, resulting in two deaths. At that time, they hurried home in order to comply with the preferential policies of insurance company's vehicle driving time limit. The preferential policy stipulates that you can only drive the vehicle between 5 am and 11 pm, and install some equipment on the car to monitor the behavior of the owner. If you meet the regulations, you can get a more favorable premium policy, but if you violate it, you will A fine of 100 pounds. Forensic doctors believe that this preferential measure obviously affects the driving behavior of young drivers, resulting in accidents.
Data ownership
As the Internet of Things gradually becomes popular in the insurance industry, the problem of data ownership becomes one of the biggest challenges we face. Who owns the data? Who is responsible? Who bears the responsibility?
If your roof leaks and the ceiling falls, but when you call the insurance company, they will say: "Ah, yes, we found that there is moisture accumulation in your smart leak detector", your first question It must be, "If you see this happening, why not take measures?"
Unfortunately, for many years insurance companies have only cleaned up the mess after the disaster, but now customers need them to intervene and take action. But where are the boundaries of these interventions? How do insurance companies intervene and exit?
If you see a leak, you can call the plumber; if you see someone break into my office, you can call the security guard; however, if you see me speeding, boo, do n’t tell anyone.
But please think about it: If the data shows that someone is continuously speeding on the street, but the insurance company has not taken any action, what should we do if the accident occurs?
After all, insurance companies are still not in place, and the responsibility of insurance companies for customers (not to mention the definition of "great negligence" in the data world) needs to be clarified with the development of technology.
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