Andy Yeoman, CEO of Concirrus, explains why the current insurance business model will be hit, why the "Internet of Things strategy" is a future trend, and why data ownership is important. As the Internet of Things grows more and more mature in a range of industries (including the insurance industry), we need to think about the changes that networking technology will bring. Some changes will lead to positive new business models and closer customer relationships. Others will become unpredictable and some may even pose dangers. In short, be careful of unexpected consequences: if it can happen, it is likely to happen. For example, look at another, more ancient technology: a safety helmet. In 1990, Victoria, Australia, stipulated that all cyclists must wear safety helmets. It is stipulated that after the implementation of the head injury, the number of people who suffered head injuries is reduced. However, the number of cyclists is also reduced by accident. Natural exercise is reduced. For health reasons, This is counterproductive. Of course, this is obviously not the intention of the regulatory body. Look at today's intelligent toasters, wired thermometers, smart pet collars, and more. These everyday gadgets connected to the Internet are just a small part of the Internet of Things. The connected machines and devices in the factory provided the infinite potential for the fourth industrial revolution. Experts predict that by 2020, more than half of new businesses will operate in the Internet of Things, and the data generated by these networked devices will allow us to completely change the existing business model. What else will change? Internet of Things Insurance Strategy For insurance companies, the availability of all these data means that the "Internet of Things strategy" is the future trend, and the current business model is being threatened. In fact, at present, the insurance company’s investment in smart networking accounts for 80% of the entire technology investment. This is obviously the next big wave in the insurance industry. However, when the solution becomes a problem, what should you do? In 2012, an 18-year-old driver and a friend accidentally speeded a car accident while driving a car, causing the two to die. At that time, they hurried home to comply with the preferential policies for the driving time limit of the insurance company’s vehicles. The preferential policy stipulates that the vehicle can only be driven between 5 am and 11 pm, and installs some devices on the vehicle to monitor the behavior of the owner. If the regulations are met, a more favorable premium policy can be obtained, but if it is violated, the A fine of 100 pounds. The forensic doctor believes that this preferential measure has clearly affected the driving behavior of young drivers and caused accidents. Data ownership As the Internet of Things is gaining popularity in the insurance industry, data ownership has become one of the greatest challenges we face. Who is the data, who is responsible, and who is responsible? If your roof leaks, and the ceiling falls, but when you call the insurance company, they say, "Oh, yes, we found that your smart leak detector contains water vapor," your first question. Certainly, "Since you see this happen, why don't you take the measure?" Unfortunately, over the years insurance companies have only been able to clean up the mess after the disaster, but now customers need them to step in and take action. But where are these lines of intervention? How can insurance companies intervene and withdraw? If you see leaks, call the plumber; if you see someone in my office breaking in, call the security guard; but if you see me speeding, hey, don't tell anyone. But think about it: If the data shows that someone is still speeding on the street, but the insurance company did not take any action, in the event of an accident, then how should we treat? In the end, insurance companies still have not done so, and the responsibility of insurance companies for customers (not to mention the definition of “great negligence†in the data world) needs to be clearly defined as the technology evolves. SHENZHEN CHONDEKUAI TECHNOLOGY CO.LTD , https://www.szsiheyi.com