DIGITAL TRANSFORMATION
“ The problem is that the sheer volume of data can easily become overwhelming , and many don ’ t have the right IT infrastructure to support it ”
MARK WHITE SENIOR MANAGER , FINANCIAL MARKETS & FINTECH , TELEHOUSE EUROPE provided by 5G will create a foundation for secure , real-time applications and services .”
He says that pervasive data streams fuelled by ubiquitous connectivity will require real-time platforms that combine disparate data , filter and aggregate data , and leverage AI to provide actionable intelligence . The technology could also result in better security for customers .
" Drawing on 5G ' s benefits , mobile and wearable device-initiated commerce has the potential to grow at a much faster pace . 5G networks will , for example , enable real-time fraud checks , catapulting mobile payments to mainstream adoption ,” says Devgan .
IoT , 5G and insurtech innovation But just how much are IoT devices influencing events in the insurtech sector ? And which areas have seen the biggest uptake ? Mark White , Senior Manager – Financial Markets and Fintech at Telehouse Europe , says insurtechs recognise the value of data and increasingly want to use it to enhance decision making . Despite this , the sheer infrastructure required to handle the increase in data flow is a challenge that ’ s yet to be overcome .
“ The problem is that the sheer volume of data can easily become overwhelming , and many don ’ t have the right IT infrastructure to support it ,” White points out .
“ Many [ insurtechs ] are still reliant on inflexible , legacy , on-premise 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 , which itself will be dependent on having a connected , secure , reliable ,
52 November 2022