April 20, 2017
Let’s Get Rid of Risk Altogether!
With so many devices that are highly networked, we find ourselves at the brink of redefining the underlying concept of insurance.
The Social Network of Things is here!
In a complex landscape of old and new, cars and networks are being built to be self-aware, adaptable and communicative with one another and humans in real time. We live in extraordinary times where there is transformative experience with three kinds of cars — some fully automated, others with simple systems for accident avoidance/traffic routing and still others that account for today’s average car.
Appliances and sensors in smart homes are network-connected with seamless integration and intelligent collaboration between devices and analytics that puts homeowners in control, making them co-creators of customized experiences.
See also: Infrastructure: Risks and Opportunities
From managing chronic diseases at one end of the spectrum to preventing disease at the other, the social network of things is revolutionizing healthcare, too. A person’s data is continuously being gathered and used to diagnose illness and to align the best providers and treatments as quickly as possible. Devices in the predictive realm have the potential to detect the onset of a wide range of health risks, such as high blood pressure and early signs of delirium.
See also: What Gets Missed in Risk Management
As insurers, we are paymasters in the business of protection. Not only do we have a vested interest in mitigating loss, but we also have a huge responsibility to support and incorporate prevention and early intervention techniques to provide real value to our consumers. With devices that are highly networked and predict, negotiate and have an impact on outcomes, we find ourselves at the brink of redefining the underlying concept of insurance — from one of pooling risk to sublimating risk altogether.