The case of the Internet (IoT) is an indispensable and growing resource for the insurance industry. Current predictions suggest that by 2020 smart sensors and other IoT devices will generate at least 500 zettabytes of data. This is a dizzying number-one zettabyte is one trillion gigabytes.
Many insurers have come to depend on cloud computing to process their IoT data. However, today's corporate infrastructure cannot provide the current insights and measures needed to create intelligent solutions to this extent. Trying to perform all these calculations in the cloud becomes ineffective.
As a result, there is a growing need for special tools, adaptable hardware at the edge of the network for tasks and applications where it is not practical or effective to send all data and processing to systems in the cloud. For example, self-driving cars must follow traffic laws, navigate and avoid collisions, even when driving through areas with poor connection.
This will require insurance to age for a new IoT "Thinking Internet".
There is broad agreement among the insurance managers that the edge architecture will be a game interchange for the industry. Eighty-four percent of insurance consultants examined for
agreed that the edge architecture will accelerate the maturity of many other technologies. Eighty-five percent said the next generation of intelligent solutions is already entering physical environments.
But it's just the first step to driving intelligence in the physical world through IoT. The Edge architecture enables insurers to help customers avoid making an insurance claim at all. Some insurance companies and insurtechs have made significant progress here.
For example, tech-start uses Aerobotics images from satellites and drone flights to provide predictable information on crop health. Aerobotics customers can also use a smartphone app to get customized advice on their own harvest. Allianz France and its partners have in the meantime developed related tools that continuously monitor construction sites for risks such as fire risks, short circuits and building deformation as part of a digitized offering to the construction industry.
As more insurance companies are expanding their IT infrastructure to reach the physical environments they serve, they will need to investigate how the edge database will affect their established IoT solutions offered by partners such as automakers, industrial equipment manufacturers, technically newly started companies and suppliers. of smart home.
It is important to note that edge architecture is not likely to completely replace cloud computing for IoT data processing. But it is likely to release the cloud, so insurers can use it to generate the larger "meta-insights" that improve systems over time.
Designing systems to harness the power of both unit-controlled direct actions and the meta-ins of the cloud will require a deliberate approach from the insurance companies. They will need to carefully consider storage needs and to separate data assets that are critical to holding against those who can be discarded when a decision is made.
Extended computing infrastructure is ready to be the backbone of the Internet to think. In order to then take it to full maturity, the insurance companies must deliver the right amount of computer power in the right place at the right time.
It is clear that individuals and society must create new partnerships to deal with the impact of revolutionary technology change the sweeping world – but the role that insurance companies will play is still an open question. Finding answers to this question finally gives insurers the opportunity to not only insure insurance sustainability in a world where traditional business models are threatened but also provide insurers with the opportunity to improve the quality of human life.
If you would like to continue the conversation about the technical trends that shape the future of insurance, I would love to hear from you. I can be reached with contact information to the right of this post.
Meanwhile, it is interesting to read the full 2018 Accenture Tech Vision for Insurance, that
can be found here.