By Andrew Breen, senior vice-president of digital at Argo Group
This article was originally published January 8, 2019 in Insurance Day.
Data is the lifeblood of the insurance industry, and by 2020, more than 200 billion data-producing devices will be connected to the internet.
That data will pour in from sensors on equipment, buildings, clothing, vehicles, furniture and appliances. It will monitor the changing physics and chemistry of rivers and oceans, volcanoes and hurricanes, vital organs and bloodstreams. It will track activity, inventory, quality and probably even appetite. Like a newly discovered dimension, data will become universally quantifiable and therefore integral to the management of our lives.
With the arrival of augmented reality – the last link in the internet of things – we should be able to crunch and deploy an estimated 44 trillion gigabytes of data every year. The value of that data, of course, will depend entirely on how we use it. Well applied, this new universe of metrics could reshape every corner of the insurance industry. Data will help mitigate risk in transformative ways.
Read the full article.