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An SMA Research Brief


Authors:

Denise Garth, Partner

Publication Date: July 31, 2014

Number of Pages: 15

Price: $995.00 USD

The future will be the cloud of things, the cloud of everything. The Internet of Things is transforming our digital environment from static and point-in-time to a dynamic, real-time, actionable insight environment. It will be a world of distributed data, devices, technology, intelligence, and computing that is highly connected. The IoT and the convergence of enabling technology is creating a smart connected world, economy, businesses, ecosystems, and customers that are forming new business and revenue models while destroying others. It is driving digitalization, personalization, and servitization in new and profound ways, transforming the world around us.

This collective connectivity is changing the rules for businesses and unleashing a reimagination of businesses. The combination of people with mobile devices that have sensors uploading massive amounts of data to the cloud that is access-able, shareable, and can be analyzed in real-time offers the opportunity to create game-changing solutions that are much more than an insurance policy to cover potential risk. IoT holds the potential to reduce risk, changing centuries-old foundational assumptions and having significant financial implications to existing revenue and profitability models. 

Companies focused only on using IoT in various or isolated parts of the existing insurance value chain will miss one of their biggest opportunities to re-envision and reimagine the business of insurance – and put their companies at risk competitively and financially. Why? Because other companies and industries are thinking bigger and transforming their business and revenue models to be inclusive of new services and integrated offerings. This will substantially impact and potentially change every aspect of insurance.  

The Internet of Things: Creating a Connected World answers the following questions:

  • What is the Internet of Things (IoT)?
  • What are the projections of use?
  • Why is it so disruptive?
  • Why is it being adopted at such an astounding pace?
  • What are the implications and opportunities for insurance?
  • What are examples of the business and revenue transformation?

 

Table of Contents

  • Internet of Things: Spawning New Waves of Innovation 3
  • Business and Revenue Model Transformation 4
  • Telematics – Insurer’s First Endeavor with IoT
  • Outside-In View of Business Transformation, Disruption, and Value Creation
  • Insurance Implications and Opportunities 10
  • Data Ownership in a Connected World 12
  • IoT Applications and Platforms 12
  • SMA Call to Action 13
  • About the Research and Strategy Meets Action 15