The potential for sensors, data and IOT (Internet of Things) to dramatically improve risk reduction has been known for many years. Telematics are now widely used for motor insurance, but some insurers still struggle to find ways to effectively partner with their clients to integrate the use of IOT into their overall offering.
Sean Ringsted is chief digital officer at global insurer Chubb. He's also the company's chief risk officer and was formerly chief actuary, sitting on the company's executive committee. He is one of the best-placed people in the industry to both know, and influence, the use of IOT, and he's a big supporter of the "prevent and predict" approach to insurance. When we spoke to Sean for episode 35 in July last year he spoke enthusiastically about the use of sensors and IOT, and referenced some of the companies Chubb was working with.
For this episode Matthew Grant and Sean talk specifically about examples of how Chubb is supporting its clients with IOT solutions that are providing benefits for their clients and for Chubb. They also discuss what can be done today, and what the opportunities are further into the future. Topics include:
- Why IOT offers so much more than just risk pricing
- Recovery of multi-millions of dollars of stolen computers through the use of tracking sensors
- The prevention of major water damage to a college through early intervention
- Working with brokers to support the client
- Real-time exposure measurement
- Who should pay
- The opportunities and challenges of wearables
A summary and transcript of this discussion is available on request
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