Commentators on Google’s acquisition of Nest Labs agree that it’s just a matter of time before these developments effect a qualitative difference on our way of life. That will probably also include our ways of using insurance.
The Hartford Steam Boiler Insurance and Inspection Company was founded in 1866 in response to the dangers raised by the transformative power of steam. Today the company is acting on the opportunities and risks of the Internet of Things.
Developed on Samsung’s cloud-based SAMIIO development platform, the Habit@t offering uses sensors to detect hazards and trigger alarms to alert customers and notify a call center to dispatch an appropriate response immediately.
As smart home technology evolves, insurers may have the opportunity to utilize real-time machine-to-machine (M2M) communications for the assessment of risk and prevention of loss.
A new ad campaign by the insurer suggests an adaptation to world wherein technology has reduced risk, in turn reducing claims and depressing premium.
The insurer will combine network-connected technology with internal expertise, data and risk management to improve workplace safety and help prevent or reduce property damage.
As a ThingWorx system integrator partner, Dell Services will offer digital capabilities across cloud, mobility, social media, big data and digital transformation consulting to deliver comprehensive professional services dedicated to IoT.
IIR connected with Jacqueline LeSage Krause, managing director of HSB’s strategic corporate ventures group in San Francisco, to talk about why Munich Re and HSB chose to sponsor the IoT accelerator.
As they strive for customer ownership, insurers will invest in consumer-facing technology; data and analytics investments will drive new, more precise product underwriting; and new efficiencies will be found in cloud sourcing for commoditized core systems.
One hundred million vehicles already provide “smart” data, showing a model of connectedness and the potential for shared insights that can transform the management not only of automotive risk but of property risk generally.