JULY 2020CIOAPPLICATIONSEUROPE.COM9and analytics capabilities used when considering sensors from IoT devices, as these effectively provide us with the insight that expands our knowledge of a given situation. This data issue has been the biggest challenge for the wider scale adoption and realization of the full potential of IoT so far. This is driving the thinking towards the use of edge computing to process, analyse, and filter the data locally before sending only the information that matters back to base.IoT can help provide a better journey and outcomes for the customer as well as improve productivity and lower the cost of delivery for businesses. Using IoT will allow businesses to produce real-time predictive analytics. An example of this is the creation of urban systems that have been set up to detect traffic congestion and accidents, consequently sending new instructions to city light grids and alerts to commuters, optimizing the transportation flow. Another way IoT is adding to human value is through the shift in product portfolio, so instead of being reactive businesses (dealing with events after they occur) they are developing more of a predictive model when it comes to equipment and machinery to focus on prevention. As businesses become more proactive, the risk of incidents are likely to reduce which in turn reduces the number of claims made and their severity, which directly relates to the insurance industry.There are a wide variety of IoT devices that help adapt and expand the insurance market. Applications range from using IoT to manage and monitor various parameters in cars or motor fleets remotely for operations and maintenance but also using real-time video footage that captures accidents providing factual evidence. Smart devices can capture and detect security breaches in buildings and also monitor in real-time energy use, health check boiler and water pipes to deflect any potential failures before they arise. This reduces and mitigates risk or prevents damage, therefore, allowing customers to have peace of mind and for the insurance company to add value to their proposition. Virtual assistant is an IoT device that will also assist the insurance industry as customers can use their smartphones to remotely control their cars, homes, etc. or by using voice recognition, get relevant advice through improved customer service or identify and get a quote and buy certain products with ease. Telematics is yet another way in which IoT already delivers value for young drivers insurance and also for commercial policy holders where IoT driven by sensors can call for help when the driver is unable of doing so. This is done through the cigarette lighter, which has built-in crash sensors and an accident report connector. This connector communicates with an accident report app on the driver's smartphone using Bluetooth.We are seeing more and more sectors starting to identify with ways to integrate IoT into the way they work by significant investment. By using this, it can unlock data potential and provide customers with benefits such as speed to market, insurers by providing better service and the market by staying competitive. Despite these benefits, there are also challenges. However the benefits and opportunities that can be realized will outweigh the challenges faced. We are currently at the peak of the Hype Cycle, and over the next five years IoT will continue to mature, may well metamorphosis and be subsumed by wider eco-systems or edge computing. Dr. Jacob AbboudIoT can help provide a better journey and outcomes for the customer as well as improve productivity and lower the cost of delivery for businesses
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