The IoT is getting smarter. Companies are incorporating artificial intelligence--in particular, machine learning--into their Internet of Things applications and seeing capabilities grow, including improving operational efficiency and helping avoid unplanned downtime. WITH a wave of investment, a raft of new products, and a rising tide of enterprise deployments, artificial intelligence is making a splash in the Internet of Things (IoT). Companies crafting an IoT strategy, evaluating a potential new IoT project, or seeking to get more value from an existing IoT deployment may want to explore a role for AI. Artificial intelligence is playing a growing role in IoT applications and deployments, a shift apparent in the behavior of companies operating in this area.
Mobile Development has become one of the most critical aspects of many companies. This is due to the acquisition of a more organic base of clients. Without a mobile-optimized solution, a company could face the question of lagging behind its competitors. Given that revenue from mobile apps' development has reached a new peak, people are following the trend in app development. Both the users and the developers follow the path of making life more comfortable.
We're all spending a lot more time at home and starting to notice the things that annoy us: the way that one tap drips after using, or noting down the interior changes we're going to make once the lockdown is over. Protecting your home is just as important as decorating it and London start-up Hero Labs has a new smart home insurance product, called Hiro, that aims to do just that. Instead of telling customers to buy certain smart home devices to bring down the cost of insurance, they will instead be rewarded with discounts for the tech they already have in their homes. If you have smart home tech such as cameras, video doorbells or detect leakers, which help to prevent some of the most common causes of damage to homes and flats, then you will be able to benefit from cheaper insurance premiums, up to 25 per cent in some cases. Hero Labs launched its own smart leak detector at the end of last year which uses ultrasonic tech to monitor water use and AI algorithms to spot if anything unusual happens.
The days of just a piece of paper and a promise are long gone for the insurance industry. Policy holders, still skeptical of traditional insurance policies and hidden terms and conditions, increasingly expect transparency and efficiency from their insurance providers. That is exactly what they deserve. The technology behind Insurtech is making these changes possible and enabling mass transformation. Changing markets and customer demands have led the insurance industry to move away from an out-dated, policy-led framework to an industry that places the customer first.
Raghav serves as Content Lead at Emerj, covering our major industry areas and conducting research. Raghav has a personal interest in robotics, and previously worked for research firms like Frost & Sullivan and Infiniti Research. Insurers are looking to leverage all of the digital customer data that is now available to them, including one new data source that some of the largest insurance enterprises claim are actively collecting: real-time data streams from the Internet of Things (IoT). IoT devices, such as in-car sensors, smartphones, and smart appliances, can send insurers data on product usage and driving habits among other behaviors. In turn, this data could be fed into AI algorithms that may allow insurers to offer risk-based pricing and other popular services.
On the face of it, the connection between the internet of things (IoT) and animals is not an obvious one. However, a number of trials and larger-scale implementations of IoT use with household pets and on farms are showing that connecting Fido and Daisy to sensors could provide real benefits. This should not be surprising: animals are big business, both in terms of personal ownership and commercial farming. Mintel, a market research company, expects UK pet insurance premiums to grow from £976m in 2015 to £1.6bn by 2021. Anything that makes it easier and more efficient to care for and farm animals is therefore likely to be of interest.
Smart devices, or IoT-enabled devices such as fitness bands that monitor your daily activity and speed trackers in vehicles, could soon play a part in deciding your insurance premium. A report by a working group set up by the Insurance Regulatory and Development Authority of India (IRDAI) has batted for the use of wearable devices for life insurance and health insurance policies as they can provide a regular stream of data about the policy holder. "Insurers may develop frameworks/models using wearable data throughout the life cycle of the insured and help in building attractive product propositions, and also monitor experience throughout the policy term," the report noted, adding that for health insurance such devices can play an equally crucial role as insurers, at present, only have a point in time data through medical tests or self disclosures. The working group to examine innovations in insurance involving wearable or portable devices was set up in January this year, and has examined a range of devices, including fitness bands, skin patch sensors, smart contact lenses, medical e-textiles and even implantable devices. Similarly for non-life insurance, such as motor cover, the report noted that the use of IoT devices and Artificial Intelligence would not only help improve assessment of underwriting risk by tracking the driving habits of the insured, but can also lower fraud risk and improve claim handling.
Digital transformation is the profound transformation of business and organizational activities, processes, competencies and models to fully leverage the changes and opportunities of a mix of digital technologies and their accelerating impact across society in a strategic and prioritized way, with present and future shifts in mind. While digital transformation is predominantly used in a business context, it also impacts other organizations such as governments, public sector agencies and organizations which are involved in tackling societal challenges such as pollution and aging populations by leveraging one or more of these existing and emerging technologies. In some countries, such as Japan, digital transformation even aims to impact all aspects of life with the country's Society 5.0 initiative, which goes far beyond the limited Industry 4.0 vision in other countries. In the scope of this digital transformation overview, we mainly look at the business dimension.
At first glance there is a lot of enthusiasm in the insurance industry towards the Internet of Things (IoT) even if there is some uncertainty about exactly how to embrace the transformation and this new type of customer-centricity. When we look at the smart home for example, most of us think of it as an opportunity for remote control of the home with some risk sensing that insurers can tap into. But there is a deeper impact, about people living in a connected eco-system in the future. There is no sign that this prospect of hyper-connection is going to stop. For insurance companies facing big decisions about where to go next with strategic technology investments, it is a bit like Alice's world in Wonderland.
Smart Home Telematics company positions itself to pursue the growing interest among forward-thinking insurance carriers for data-driven insights and customer engagement. VANCOUVER, BC AND NEW YORK CITY, NY – 04-25-2018 (Press Release Jet) -- Plasmatic Technologies (Plasmatic) is pleased to announce the addition of Mike Moen to its advisory team, where he will assist the company as it caters to the tremendous need for innovation in Property and Casualty Insurance. David Sussman, Chief Executive Officer of Plasmatic stated: "We are very excited to enlist Mr. Moen's industry knowledge, deep relationships, and track record in analytics-based businesses. Mike's strong collaboration with our leadership team has already helped validate the appeal of our solutions with decision makers at top insurance carriers and Insurtech scouts in some of the more prominent industry hubs". With over 20 years of experience as an entrepreneur and business executive, the enlistment of Plasmatic's latest advisor is a sign of definitive momentum in the sector, where device-driven insights and mobile experiences are poised to help insurance providers deliver more personalized services and augment their policyholders relationships.