“IoT devices should be isolated from existing production networks while technologies such as firewalls and intrusion detection and prevention systems should be configured and enabled ”
TECHNOLOGY
The IoT and legacy systems But as insurtech currently occupies just 2 % of the global insurance industry , to what degree are IoT devices influencing events - and which areas have seen the biggest uptake ? Furthermore , What are the biggest challenges faced by insurtechs in terms of managing the data they collect , and why ?
Mark White , Senior Manager – Financial Markets and Fintech at Telehouse Europe says the amount of data being collected , poses the biggest challenge . “ Insurtechs recognise the value of data and increasingly want to use it to inform decision making . The problem is the sheer volume of data can easily become overwhelming and many don ’ t have the right IT infrastructure to support it .”
However , he points out that many are still reliant on inflexible , legacy on-premises infrastructure which puts them at risk from newer entrants , the majority of which are now cloud-native . “ To succeed , they need the ability to quickly ingest and process data and this will be dependent on having a connected , secure , reliable , scalable , flexible , resilient , and low latency IT infrastructure . Colocation can be an attractive solution ; providing the extra capacity required , while also enabling insurtechs to benefit from fast , secure and direct connections to cloud service providers .”
IoT change and influence With this in mind , it ' s important to understand just how much IoT devices are influencing events in the insurtech sector - and which areas have seen the biggest uptake . Peter Heywood is regional director , Banking , Financial Services , and Insurance , at ISG . He believes the transition has been happening for a long time , and the most
“IoT devices should be isolated from existing production networks while technologies such as firewalls and intrusion detection and prevention systems should be configured and enabled ”
MIKE MCGRATH BRIDEWELL CONSULTING insurtechdigital . com 109