TECHNOLOGY
critical changes are happening at the data management level .
He says , “ IoT in insurance isn ’ t new , although the term IoT might be . Blackbox insurance – both for personal and fleet use - has been used widely for more than a decade . More personal technology and devices , such as smart watches , are more recent . The size of IoT sensors and the ability to be integrated with low-power sources , at high resolution and accuracy , and at low cost , are driving the wider adoption and integration into the insurance value chain .”
Heywood says an interesting area of development is in managing issues that would have previously been highly intensive and highly error-prone , or have high dependencies on external agencies . He explains , “ An example of this is flood insurance , where there are many thousands of claims in a short period of time . Using IoT data on the water levels , combined with drone imagery , has virtually removed the need for adjusters to visit sites , which can often only happen many months after the claim .”
Security , wearables , and personal data concerns As the digital footprint expands , so do the opportunities for crime , and cyber-attack has become synonymous with this period of intense digital transformation . The stakes have never been higher as companies stream in data in real-time directly from customers , and hackers develop more ingenious ways of infiltrating them .
Mike McGrath , Senior Lead Penetration Tester at Bridewell Consulting says IoT security needs to be taken very seriously - especially in this period of intensive innovation and disruption . “ When you look at the applications where IoT devices are becoming widely used , there are serious implications if the devices implemented are not secure .
IoT in Insurtech
110 March 2022