Is the financial services industry ready for explosion of Iot–Deloitte
Article Synopsis :
The numbers are mind-boggling. Analysts forecast between 26 and 50 billion IoT objects in 2020, representing economic value ranging from $300 billion to as high as $15 trillion.
An explosion of devices. Monetizing them is the challenge …
In “Is the Financial Services industry ready for the explosion of Internet of Things?” Deloitte defines IoT and, more importantly, explores its coming impact on banks and insurance companies.
From single-purpose thermal sensors with reporting capabilities to complex systems providing ‘upgraded’ versions of products used in our daily lives featuring automation or remote control functions (e.g., smart appliances, smart homes), consumers are not only familiar with IoT they increasingly demand it. To help executives capitalize on this coming wave, the report is organized in answer format around the following questions:
- What is IoT – and why should I care?
- How can IoT enhance client value?
- Which services do I want to develop? How do I decide which services I want to develop?
- How do we prepare ourselves technologically?
The authors suggest the following points to help define the milestones of your journey into the world of IoT:
- Be the actor of the change; you do not want to be left behind
- Focus on client needs
- Beware that user experience is the new trend
- Be transparent: Trust is built over time, but losing it can happen in an instant
- Follow IoT news, it’s a fast moving world
- Learn how to leverage the power behind your data
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Digital Insurer's Comments
Telematics and UBI aren’t the only use cases of IoT for insurance. For example, a range of sensors can be installed to protect client properties to, for example, detect leaky pipes before they burst so minor repairs can made in advance of a major claim.As engineers devise new methods of data capture, transport, and analysis, it’s up to business leaders and marketers to ferret out the data that really matters and why. A sensor detecting leaky pipes is indeed cool, but where’s the money in it?
IoT strategy hinges not so much on technology but two things: data and people. What do we want to know and why? More specifically, what value does a policyholder place on this information? The sensors, the technology, is incidental to the job.
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Hugh Terry
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Hugh Terry
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