"First movers are not predicting what will blow up next. They see trends starting in their incubation phase a slowly invest in them over a long period of time. That way when the trend finally does blow up they will have invested enough time and money to have a foundation in the space, allowing them to execute faster than anyone just starting out." Gary Vaynerchuk
One vital reason insurers should understand the potential of leveraging sensors, the IoT and the value of the data generated in the connected world.
- People and pets via wearables
- Homes via all the connected devices
- Factories, offices, warehouses
- Plant and machinery
- Trucks and autos
- Highway and street cameras
- Ships and containers
The challenge maybe that this requires insurers becoming integrators or sensors and data. Are you up to that?
At second glance, it is just as clear that the picture is much more complicated than that. As we talked to more and more executives, it became apparent that the industry is only just beginning to work through the practical problems it faces. Indeed, questions as basic as the best way to install a sensor in a building are still the subject of lively debate. Ultimately, the world of insurance may be next in line for the kind of creative destruction that the tsunami of digitisation had brought to IT, telecoms, media, retail, hospitality, manufacturing, financial and business services.