Article Blog Featured - Blog IoT July 13, 2016 2 minute read

The Connected Ecosystem: Breaking down the frontier for P&C Insurers one sensor at a time

Machine to machine communication coupled with real time analytics makes Internet of Things (IoT) a powerful tool. According to a recent survey by Accenture, The Internet of Things is forecast to comprise approximately 212 billion “things” by 2020. This will include 30 billion connected (autonomous) things. Connected ecosystem is the future!

If we take the time to observe our surroundings, we will find overlapping ecosystems that have the potential to improve on outdated tools by incorporating them into the network. The key is to be able to leverage the data that passes through. To do this we need the proper infrastructure to manage and enhance these connected devices. Companies like Alphabet, Apple, Intel and many more are in a race to provide the world with a platform for all of your IoT devices, allowing you to control multiple ecosystems through one interface. In the fight to develop a universal platform, these companies will play a major role in determining the ease and ability of new IoT technologies to enter the market.

Saama recently collaborated with a large Insurance carrier, to roll-out Nest’s Smoke Carbon Monoxide detectors for a small group of customers. If you’re familiar with Nest’s home automation devices, you know these appliances are capable of learning from your behavior and adjusting themselves to your needs .By ensuring that the customer has a functioning smoke detector, the chances of a destructive fire occurring are reduced. That translates to lower costs for insuring the customer, and these savings can then be passed on to the customers. More importantly, customers are better protected against potential threats by being able to react to them much faster. The idea was to gather data generated by the device and conduct a business study before expanding to additional Connected Home products.

By leveraging sensor data and communication between devices, insurance carriers can be more proactive rather than reactive to customer needs. With the ability to detect emergencies before they occur, insurance has added a game changing tool to its belt. Customers are rewarded with discounts for expanding their use of smart devices in the home. Home automation can even be used to battle fraudulent claims. We can analyze the data generated by these devices and see if it matches with the customer’s claims. Sending an agent out on site to a customer’s house can be a costly processes, but with a product like the Nest Cam for instance, we can do this remotely to assess the damage. This connected network gives us access to information we previously did not have, which can be leveraged to improve on current products and processes.

The Insurance industry is changing at a breakneck speed and Saama is right at the forefront to guide you through these choppy waters.

Learn more about Saama’s Fluid Analytics for Insurance and what we can do for you.

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