By 2020 there will be some 50bn IOT (Internet of Things) sensor enabled devices installed worldwide.
The information these sensors generate allow for a greater understanding of the risks that are presented. We can see the ‘behaviour’ both of individual components to stop them from failing, but also the behaviour of the people using the asset to improve overall outcomes.
With this data, we can now write a different type of insurance policy - where we interact with the customer to reduce risk based on shared data and shared insight.
This is a connected policy.
The insurer no longer offers only risk transfer, but also provides a risk service to improve the industries they are serving.
Marine Insurance London 2018
Last month, I was part of a panel discussion at Marine Insurance London where we discussed Connected Policies.
My view? We’re talking about connected insurance like it’s optional - the only decision to make here as an insurer s whether you want to be a leader or a follower.
Thanks to the panel, it was a thoroughly enjoyable debate!
Ranjith Kanipayur - Head of Business Architecture, Shipowners’ Club
Captain Rahul Khanna - Global Head of Marine Risk Consulting, Allianz Global Corporate & Speciality
Ronny Reppe - CEO, Noria Insurance Solutions
And to moderator David Benyon.
From left to right - David Benyon (moderator), Ranjith Kanipayur, Captain Rahul Khanna, Ronny Reppe and Andrew.