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The Future of Insurance: Big data, Blockchain, and IoT (Video)

Posted on September 27, 2016 by Ugur Ozdemir in Digital Insurer

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Big Data and the Future of Insurance

If you're interested in technical innovations you can’t avoid Blockchain, IoT, and Big Data. There's a lot of research on the three topics separately but very little on how these three will combine to have an impact on the insurance industry.

Between January 2016 and June 2016, I did a study of the correlation between these three innovations and the opportunities and threats that could emerge - all from the perspective of the insurance industry. 

The study revealed that IoT played a pivotal role between these three innovations. This is because IoT is the only innovation that creates data. Think of smart sensors and smart devices like smart ovens, refrigerators, fire sensors etc. Big Data and Blockchain are data receivers and processors. Blockchain only receives and stores value-carrying data while Big Data receives bulk data, stores, and processes huge amount of data. For insurers, my belief is that they need to focus on and invest in IoT first. For those wondering why, I will dig deeper in my video presentation below. 

But what is the exact role of Big Data for the insurers?

The study has shown that Big Data is needed to analyze real-time data from IoT sensors and devices. Consider data from fire detectors, fire sensors, video images, data from smart devices and sensors, data from facial recognition devices, data from door and window sensors etc. With all of the data from these smart devices and sensors Big Data can establish real-time damage reporting and displace the well-known damage-experts. 

In my presentation of “The Future of Insurance” I give an example of a IoT fire-detector. When the IoT fire-detector is triggered because of a possible fire signal, the insured home will create a snapshot of all present smart devices in and around the house and send data to a data collection source. In addition, all kinds of photos and video images will be sent to central and personal Big Data storage center. This sending of snapshots will repeat until the fire is out or stopped by the police, fire department, or owner of the property. All the collected data is then analyzed by real-time Big Data algorithms and shared with the insured and Insurance company.

This type of information is extremely valuable to insurers AND insureds at scale. The insurance industry has a lot to learn but also a lot to gain from investing in and experimenting with big data. Don't ignore it. 

My presentation below will walk you through each of the technologies and their potential disruptive impacts on the insurance industry providing detailed examples along the way. I hope you find it informational! 


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Mr. Ozdemir is an IT Service Manager at Achmea, one of the largest Insurance company in the Netherlands and studies the correlation of big data, the blockchain, and IoT for the insurance world. Connect with him on Twitter at https://twitter.com/ugurozdemirnl

 

 
 

 

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