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Oliver Wyman is our official partner for the APAC Insurer Innovation Awards.

Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation.

The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit

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 navigate our clients through changing business ecosystems to uncover new growth opportunities. We enable our clients to build innovation capabilities and transform their organizations. Our consultants have strong practical industry experience combined with excellent knowledge of key trends and dynamics. 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


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 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.

Library: The power of the internet of things in commercial insurance

Executive summary:

The internet of things (IoT) has arrived and is rapidly becoming entrenched in the activities we all do every day. But what will it take for the IoT to start benefiting providers of commercial property and casualty insurance?

 The Digital Insurer reviews Boston Consulting Group’s Report on The Power of the internet of things in commercial insurance

Commercial property and casualty cover will be revolutionised by IoT

The potential is certainly there. As of last year, there were 30 billion connected devices in the world; that number is expected to jump by a third, to 41 billion connected devices, by 2025. Today’s devices are already producing 14 zettabytes of data, with numerical or visual information on people, things, and environmental factors. A lot of this data is being generated by equipment and infrastructure that commercial carriers already insure.

Several P&C insurers in Europe and the US have begun experimenting with new services leveraging IoT devices. But a lot remains to be sorted out in what is still a very new area. Carriers that establish a lead in this early period may find themselves with an advantage later on.

The internet of things’ impact on insurance

The quantity and variety of data that businesses produce each day create some sizable opportunities for commercial P&C insurers. (See Exhibit 1.) Here’s a look at the areas of P&C insurance that could benefit the most.


Typically, P&C insurers price risk by looking at statistical models of past loss trends. The IoT builds on that in two ways. First, it creates a situation where real-time data, not just historical data, is part of the risk assessment. Second, the IoT can bring new, potentially very insightful, types of data to the business of calculating risk.

Claims processes

Commercial P&C carriers employ large staffs to evaluate and adjudicate claims; the fact-finding and pinpointing of damages after an insurable event can cost 6% to 10% of premiums and drag on for weeks or even months in the case of a large claim. The process often has a negative impact on customer satisfaction.

Bionic approaches—where machines do the tasks that can be automated and human beings handle the higher-level problem solving—are starting to reverse some of these inefficiencies. Technology is helping claims adjusters offer better or faster service to claimants in situations that involve ongoing danger. This can include flood or fire scenes where drones and other aerial-capture machines must take the initial image. Several companies are developing AI-enabled computer vision tools that can fill this need. Bionic tools are also making important strides in risk prevention and mitigation services, enhancing insurers’ ability to partner with clients.

Customer value propositions

In the past, P&C insurers have predominantly played a risk-transfer role, helping clients offload selected risk exposures. With IoT technology, carriers can move into the area of risk prevention: providing timely advice and alerts to prevent claim events from happening in the first place. This could range from relatively small situations—an alert about an autonomously operated industrial asset that’s about to fail because of a worn-out motor—to much higher-value insights, such as a buildup of temperature or pressure that suggests a plant explosion or leak is imminent. In short, thanks to the IoT, risk prevention may become another arrow in the insurance quiver.

New pay-per-use business models 

With the proliferation of connected devices, insurers have the opportunity to reinvent an aspect of their value proposition by moving to per-unit pricing. For instance, a carrier could price insurance for a summer rental property according to when the place is actually in use, the number of people vacationing there, and the risk profile of the renters (adults versus children, say). Sensors could determine all these things, adding a type of flexibility that would benefit both the property owner and the insurer. The pay-per-use trend is already cropping up in personal-insurance lines, including for cars outfitted with telematics devices. But the concept could work for irregularly used commercial assets too, so long as they have sensors attached to them.

Sales and distribution partnerships

Finally, IoT partnerships could open up new channels for insurance sales. All carriers devote substantial parts of their sales budgets to broker and agent commissions. In the IoT-enabled future, P&C insurers could find themselves with other go-to-market options and additional ways of securing business. For instance, manufacturing customers may be able to buy accident and uptime insurance at the same time that they’re purchasing IoT solutions or signing equipment and facility maintenance contracts.

See the full report for more…

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