Allianz: "Connected objects reinvent our role as insurers"
With a multitude of smart wristbands, connected watches, digital built-in systems for cars and other types of domestic tracking devices comes the possibility of tailor-made insurance policies.
Connected objects are at the heart of
the digital revolution. These devices allow for a 360-degree application of
digital technology, which can govern all aspects of everyday life. They respond
to a fundamental demand on the part of consumers, who aspire to obtain
tailor-made services that are increasingly personalised and respond to their
Furthermore, services must be fast,
simple and affordable: these are the new standards that the digital age has set.
Although this demand for personalisation may appear as contradictory to our
role as insurers, given that we work in a sector based namely on the principle
of pooled resources, it actually offers us a new opportunity. Connected objects
linked to big data give us the chance to reinvent our role as insurers, thanks
to unprecedented levels of data availability as well as data quality.
A shift from ownership to usage
With a multitude of
smart wristbands, connected watches, built-in digital systems for cars and
other types of domestic tracking devices comes the possibility of tailor-made
Insurers who once insured material
goods - a house or a car, for example - must now turn their attentions to
intangible goods - a trip, a hire service, use of an item etc. This shift from
ownership to usage is the real change that connected objects has brought about.
The changes that most affect the
world of insurance are linked to cars, homes, healthcare, business and also the
connected city. Let's not forget that the impact of a connected object lies in
the service it provides and not in the object itself!
For cars, connected driving will
reward better driving habits and lead drivers to adopt more virtuous practices.
For driving, just like with homes and healthcare, connected objects will lead
to enhanced safety.
Thanks to the smart watch, insurance policy holders will now be able to receive
information about their health-related reimbursements, monitor the progress of
compensatory payment procedures, find out what steps to take when faced with a
crisis situation, locate health professionals and even benefit from forecasts
linked to potentially risky weather conditions.
Improving safety at home as well as in the workplace
When it comes to work-related risks
too, connected objects can do a lot in terms of improving safety thanks to
better maintenance, as a connected factory is a better protected factory.
For all of these reasons, insurers are obliged to closely monitor the emergence
of new services offered by the internet of things. Many of us have developed a
climate in which we have built partnerships linked to innovation, as well as
launching innovation labs or start-up accelerators dedicated to the theme of
connected objects and Big Data.
Connected objects are already at the heart of our relations with our clients.
The automobile industry is the clearest example of this today, with fully operational
connected driving tools in place. That said, we must continue to move quickly
so as to always be one step ahead of new usages and new needs, thus continuing
to embody a valid reflection of the world as it is.
Photo credits: Fotolia, Allianz