Insurance companies have an opportunity to tap into the Internet of Things (IoT) which currently connects millions of people and things, including cars, homes, factories, electronics, biometrics and more – and the list is rapidly expanding. Insurers are already using speedometer sensors to monitor driving behavior, smart smoke alarms to inform claims, pollution sensors to detect air and water quality, water pipe sensors to detect bursts and flooding, biometric wearables to collect human and pet health data, and Bluetooth devices or Bluetooth Low Energy (BLEs) to support customer targeting. However, despite the availability of IoT devices and in some cases where they have already been implemented, their data, insurance firms still struggle with how to draw real results.
Synechron’s IoT Accelerator for Device Network Management provides the fundamental architecture to take any IoT device, collect data, and create actionable outcomes based on its analysis. It provides following distinct services:
- Device Management - Oversees the transport of telemetry data to a central data repository. During this process, we scrub and anonymize the data to support end-user, legal, regulatory, and compliance requirements before the data is made available for analysis and action. Synechron can also act as the data brokerage to provide a clear separation of concerns, if needed.
- Insurance Data Lake - Provides the infrastructure to aggregate and normalize all data, which enables the execution of analytical models and provides meaningful data analysis. The Insurance Data Lake also connects with third party data sources, allowing insurers to include other data variables such as weather or crime data into their analytic models.
- Risk Management - Enables the resulting analytics data to be used to alert and provide business insights to risk portfolios. The Device Network Accelerator also provides risk management, loss control, and monitoring options.
- Policy & Claim Integration - Integrates with Policy & Claim systems to support actionable outcomes. Policy Administration Systems can use this data to provide rate adjustments or discounts based on risk classification, and Claims Systems can validate behavior and determine levels of abnormality.
Key Features and Benefits
- Improved risk management - as access to a centralized IoT data prevents unnecessary risk exposure and fraudulent claims
- Reactive, active and proactive/prescriptive - A framework that enables insurance companies to transition between modes
- Support future innovation - through foundational IoT infrastructure
- Faster time-to-market - as the technology is quickly becoming the new norm
To learn more about Synechron’s InsurTech Accelerators focused on the Internet of Things and the work we’re doing email us at email@example.com