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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Insurance, Innovation and IoT – FC Business Intelligence Report

Article Synopsis :

The emerging ecosystem of connected devices presents a huge opportunity for insurers looking to become more relevant to digital-native customers.

 The Digital Insurer reviews FC Business Intelligence’s Report on Insurance, Innovation and IoT

Insurance technology is moving rapidly beyond the keyboard…

The report “Insurance, Innovation and I-o-T”, by FC Business Intelligence, explains how the web of connected devices will transform the relatively static insurance industry and looks at ways insurers can integrate I-o-T into their business and operating models. The report shares research and key findings from various sources on the growing impact of I-o-T on insurance:

  • 20% of insurance companies are currently piloting, testing or deploying an I-o-T project. The number rises to 50% over a three-year period.
  • Property insurance companies are increasingly using drones to assess damages after an incident has occurred. Drones hold the potential to make insurance adjusters’ workflow 40% to 50% more efficient.
  • By 2020, over 50 million US drivers will have tried usage-based insurance models that rely on I-o-T devices.
  • Roughly 30% of the auto market is expected to involve telematics for the majority of policy interaction and pricing by 2025.
  • Also by 2025, half of U.S. homes are expected to be connected through I-o-T devices for monitoring and system control.
  • 80% of respondents to an Intel survey would be willing to share their health data anonymously to reduce health care costs.

The common inclination with new data sources and I-o-T is to use them as tools to lower premiums and provide discounts, which, of course, means less revenue for insurers. The report discusses five areas where the cost-risk-opportunity matrix is particularly dicey for insurers:

  • Handling the Data Flood
  • New Product Options
  • Maintaining Brand Value
  • Meeting the Skills Gap
  • Security and Cyber Risks

The report articulates the top-five expected benefits of I-o-T adoption realized by insurers moving sooner rather than later:

  • Potential to reduce severity and frequency of claims
  • Better risk assessment
  • Service and satisfaction improvements
  • Growth in cybersecurity markets
  • The omni-channel insurer

Link to Full Article:: click here

Digital Insurer's Comments

We believe I-o-T will blur the line between product and service giving rise to the concept of Product-as-a-Service. Today a consumer buys an automobile and auto insurance separately, tomorrow they’ll purchase the two products bundled seamlessly as one.

Insurers at least trying to re-imagine an entirely new I-o-T-enabled world are on the right track.  New business models enabled by mobility, cloud and analytics, harnessing real-time data streams flowing from billions of connected devices, are the future path to profitability in insurance.

Link to Source:: click here

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