On the 19th September, the SENSE Consortium hosted the 3rd Insurance Industry IoT specific event in the Lloyd’s Lab.
We hosted industry leaders from commercial property owners and managers, to brokers and insurers who were all keen to hear the latest technology advancements and how these are driving a new frontier in risk management.
The event was kicked off with Helene Stanway, SENSE President interviewing Cleo Curl - the Group Insurance Director for Landsec.
Some key points from the discussion were: The use of IoT is becoming more and more prevalent across their buildings portfolio They have experienced a reduction and avoidance of incidents and claims responding to data-alerts and dealing with situations far earlier They are seeing positive ESG impacts in the optimisation of building occupancy and energy usage, through IoT devices and insight They have altered their maintenance scheduling to respond to data alerts and building occupancy, fixing issues when buildings are quieter (typically Mondays and Fridays) Their experience of IoT has been a positive and beneficial one and Cleo has been collaborating with the insurance industry, brokers and carriers, to accommodate her changing (and improving!) risk profile.
Our headline sponsor, Siemens, have created an entire ecosystem of IoT devices and data solutions to support the insurance industry across 4 lenses: automated underwriting, individualised premiums, a faster claims process and predictive maintenance.
IoT device and data suppliers are providing an ever greater level of personalised risk management and insurance to optimise the total cost of risk and ESG metrics.
Dufrain have cracked the nut of bringing together static and dynamic data i.e. in one dashboard, the traditional underwriting data, combined with real-time data and a portfolio level. These types of insights enable insurers to optimise their portfolio and see the impact near real-time of risk mitigation and changes to the underwriting mix within the portfolio. Also shown was the difference in performance between those ‘smart’ properties and those without sensors. Spoiler alert - those with sensor monitoring had a lower frequency and severity of incidents.
GSS Analytix showcased their technology implementations and collaboration with Chubb in Latin America. As data alerts notify that something is about to happen or is happening, this links to the Chubb risk management hub providing advice as to what to do in these identified scenarios to minimise the impact and/ or rectify the situation before it becomes a loss making event.
Envelopers gave a profound call to action for the insurance industry where this technology allows us all to make continuous, value-based assessments to analyse, treat, inform, record and reason, react and transact. This technology is here, it is being used by insured clients and yet the insurance industry is paying insufficient attention, never mind acting to create new value propositions.
SIEMENS - www.datadrivenx.com www.siemens.com
LANDSEC - www.landsec.com
ENVELOPERS - www.envelopers.io
PREVISICO - www.previsico.com
GSS ANALYTIX - www.gssanalytix.com
DUFRAIN - www.dufrain.co.uk
MULTITECH - www.multitech.com
OPENEXO - www.openexo.com
Since the 19th September, the SENSE Consortium have had numerous enquiries for help on ‘how to’ progress IoT and real-time data within insurance. As presented at the event, SENSE now provides a range of consulting services to all stakeholders in the ecosystem and we hope this interest is a clear sign of the green shoots of change and interest to use these technologies for their many benefits.