As pointed out in Insurtech: Processes are Ripe for Disruption, wearable technology can make an impact on the insurance industry’s product development, customer service, and claims processing processes. Wearable fitness devices, like watches and wristbands, are already providing insurers with access to customer data by tracking health behaviors and habits. Insurers are using this data to offer personalized service, improve risk assessment and pricing, and build customer engagement. The health insurance sector, pointed out by Dorota Zimnoch in How Digital Is Disrupting the Insurance Sector, is using IoT and wearable technology in these ways: Vitality, the UK health and life insurer, rewards customers for being healthy by collecting data via wearable devices like Garmin, Polar, Read more
Posts Tagged 'IoT'
Last week’s DDoS attack against Dyn Inc. had an impact on many organizations beyond the reported hits to PayPal, Twitter, Amazon, Spotify, and others. Even Cutter’s website search function was out of commission for a short while! Experts have warned that at some point, smart versions of devices such as refrigerators, televisions and thermostats could be manipulated to alter their basic functions, but did anyone foresee that these devices would be used to launch a third-party attack? This isn’t the first time it’s happened, and it’s not likely to be the last. In the July 2016 Cutter article Securing the IoT: It Takes the Global Village, author David Tayouri discusses the threats Internet of Things Read more
Digital transformation continues to change the financial sector. The increasing use of smartphones and tablets has changed customers’ behaviors and fueled adoption of mobile banking. Wearables capable of storing and processing data allow us to integrate better with the technology and incorporate electronics into every domain of our lives. The question arises whether the wearables can follow that success and become a new disruption for the financial sector. And if so, will they replace or supplement the mobile devices that are currently in use? Current Wearables Banking Market Assessment Wearable technology has exploded in popularity in recent years as the devices have grown smaller and their communication and integration capabilities have grown significantly. The global wearables market was valued Read more
The Internet of Things (IoT) promises to cause disruption in almost every industry. Companies need to examine how they can take advantage of connected products and services and plan for the significantly increased data workloads that will likely come with the deployment of sensor-enabled products. However, an expected surge in product innovation also means that companies should carefully consider how they will deal with the potential rise of new, more agile competitors whose business models will be based primarily on IoT products and services. Here are some points about the IoT I’ve been discussing with colleagues that organizations may want to consider. Bigger, Faster, Varied Data and New Data Management Practices The expected myriad of Read more
The Internet of Things. Location-based services. Automated reasoning. Social media. Wearables. Analytics. I could extend this list of “game-changing” technologies, and so could you. What’s a CEO, CIO, CTO, CFO, or business unit president to do? Especially when they go to an investor conference and they’re asked to explain “the game-changing technology plan”? Those who work in the C-suite need smart people, budgets, and technology solutions to impact their business processes and overall business model. In other words, game changers need context; otherwise, C-suite(rs) end up chasing “the next great things,” which is what many companies have done for decades. Remember business process reengineering, Six Sigma, matrix management, and management by objectives? Who created Six Read more
At the annual Consumer Electronics Show (CES), attention turned once again to the Internet of Things (IoT) and personal devices. Wearables showed up in great profusion, focused upon watches, wristbands, and other personal sensors used to monitor activity rate, pulse, temperature, and whatever else can be determined from movement or simple surface sensors. For the home, measuring and control devices are emerging for temperature, humidity, intruder detection, and so forth — all attached, to personal networks, to the Web, and generally streaming data to external monitors. This all constitutes an escalation of device communications, which ultimately can lead to something like gamification of personal life and the home (Figure 1). Figure 1 — The gamification Read more
The Internet of Things in its basic form is the interconnected network of uniquely identifiable sensors, devices, and computers. The ability to connect all these “things” together creates the opportunity to develop a limitless set of solutions applicable to every domain. Manufacturing plants can track the status of products being created as they cross the manufacturing floor. Building management companies can track the health of lighting or heating/cooling systems remotely. Governments can track water flow through water systems, crossers of their borders, traffic in their cities, and medicines to address pandemics. Consumers can manage their homes or vehicles from a distance. All these possible solutions are not technologically alike. Some require real-time capabilities, others require Read more