UPFRONT
TECHNOLOGY UPDATE Q&A
Laird Rixford CEO INSURANCE TECHNOLOGIES CORPORATION [ITC]
Years in the industry 17 Fast fact Global spending on the Internet of Things is expected to reach more than $1 trillion in the next few years
Insurance in the Internet of Things era How will the way we insure US cities change with the rise of the Internet of Things? As cities become more connected via IoT technology, the amount of data that’s going to become available is enormous. All of these IoT devices collect data, process data and push out a lot of data. This means we’ll be able to paint a bigger and more accurate picture of the risks that are prevalent in our cities. It will also improve the insurance claims process because we’ll be able to track and figure out exactly what happened at the point of an incident. When cities start using autonomous vehicles and other smart devices like drones, surveillance systems, trash cans or even little delivery robots that bring you your Amazon parcels, one of the biggest challenges is going to be determining liability if one of those smart devices is involved in an incident. I think this is something that’s yet to be fully vetted out, and we’re not yet in a spot where everyone is in consensus. Is the liability held by the software developer or the device maker? Is it held by the actual manufacturer of the device or the person who owns it? There are lots of unanswered questions about how to determine liability around these smart devices.
How important is data protection and cyber risk management in smart cities? It will be infinitely important. As IoT-connected devices continue to grab this data, the definition of what is personally identifiable information keeps
Willis Towers Watson upgrades Radar software
Willis Towers Watson has released an updated version of its Radar pricing software with new security features that provide a more sophisticated governance process and improvements to the software’s machine-learning and optimization capabilities. “This latest release provides significant analytical improvements, as well as the governance and security advantages crucial to operational efficiency, helping insurers to deliver improved speed to market and pricing accuracy,” said Colin Towers, product leader for Radar.
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growing. These devices can instantly create a picture of a person’s life – where they are, when they go somewhere, for how long, etc. – and this type of data is now being treated just as importantly as traditional personally identifiable information like social security numbers, driver’s license information, birthdates and so on. As countries around the world adopt stricter privacy legislation, like Europe’s General Data Protection Regulation, the stakes are only going to get higher and the restrictions are going to get tougher around data collection and protection.
What opportunities will the emergence of IoT technology bring to insurers? This is a broadly untapped market, in my opinion. I think we’re just getting to the cusp of where that smart connected technology can really play out. Just think about the potential of smart traffic systems and cameras. If insurers have access to data on how people are driving on the road at a mass scale, they can build products and infrastructure around that data. Beyond that, insurers could start using license plate technology to understand how insureds drive without actually tracking them via a dongle or a tracking app. If the infrastructure of a smart city can create usagebased metrics, then it creates an opportunity for insurers to look at these risks at scale. That’s just one example in auto insurance. There are many exciting ways that interconnected cities could aid developments in other types of insurance as well.
Farmers to use virtual reality for employee training
Farmers Insurance has announced a partnership with virtual reality provider Talespin to develop a VR training curriculum that focuses on simulating workplace conversations. “By implementing Talespin’s virtual human training technology, we will enable our claims representatives to practice critical interpersonal situations and complement our current training processes, empowering our employees and continuing to offer our customers quality service,” said Tim Murray, Farmers’ head of claims shared services.
CNA launches tech platform for global businesses
In an effort to meet the needs of global businesses, CNA has launched CNA ComPass, a technology platform that allows CNA and its strategic network partners to write and manage local admitted placements around the world in real time. “International business coverage that follows a business and employees worldwide is critical,” said CNA’s Kathleen Ellis. “Our strategic network allows us to service multinational organizations with complex local policy requirements more efficiently through CNA ComPass.”
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7/06/2019 4:55:21 AM