Welcome!

@ThingsExpo Authors: Liz McMillan, Elizabeth White, Srinivasan Sundara Rajan, Jason Bloomberg, Carmen Gonzalez

Related Topics: @ThingsExpo, Java, Wireless, Linux, Cloud Expo, Big Data Journal

@ThingsExpo: Article

Insurance Industry Disrupted, the Quantified-Self

Wearables, Telematics, Code Halos and Digital Transformation

By Peter Abatan, Studio Thirteen, Cognizant

The New Finance Meet-up group is currently running a 6 part series over a period of 6 months to determine what could disrupt the Insurance industry. In the most recent meet-up the focus was on how the quantified-self could disrupt the insurance industry. I came away from the meet-up with the conclusion that smart insurers will begin to develop products that are more customizable to the individual needs rather than offering products desiged on demographics, i.e., where you live, your age group, family size etc.

So what is the quantified-self? The quantified-self is the data that has been accumulated on the individual's behavior, health status, medical conditions and overall well-being by the individual themselves (We call this data Code Halos at Cognizant). In the future many experts believe that it will be the basis on which insurance products are sold to customers.

There is still a lot of controversy around ownership of data and whether once that data has been released to an insurer whether it can be withdrawn, and whether an adverse event could impact or prevent an individual from being able to buy an insurance product. However, many experts have come to the conclusion, that smart insurers would use this adverse data to help customers to manage that event better rather than use it as an opportunity to charge very high premiums.

For example if you drive more in the night you are three times more likely to have an accident than someone who drives during the day (Forbes). In this scenario, your insurance company can help with providing tools that minimize the probability of that happening instead of charging very high premiums for someone who has driven in the night for the last 20 years and never had an accident. There are no guarantees that the person would never have an accident in the future, but the tools provided can help reduce that risk to a minimum.

There were about 40 to 50 delegates that attended and attendees came from new start-ups, the technology and insurance sectors. The session started with a product feature from Francis White from AliveCor. AliveCor is a heart monitor that provides individuals with the ability to track heart health anywhere, anytime at an affordable cost, you can see more about the device at www.alivecor.com. What is great about this company is that it has a cloud strategy in which you can grant access to your ECG data. It also has alerts that will warn you of any impending dangers and therefore recommend that you contact your physician. The device is portable enough to fit onto the back of a smartphone and takes the ECG reading from both thumbs allowing you to take readings anytime and anywhere.

The second product feature was by Matt Lewis, the founder of Quantid (www.quantid.co), a start-up that is aiming to revolutionize the health industry. Quantid already does what MapMyWalk and Training Peaks already does and more. Quantid describes itself as the Facebook of quantified human data. It is a social networking platform, enabling users of personal tracking devices and apps to make profound improvements to their health, fitness and overall well-being by delivering insights and analysis of their quantified personal data. Although at the time of writing this report their website was down, I can say that the founder has some well meaning ambitions.

Quantid supports a rich set of features; the application integrates with most popular tracking products on the market, making it easy for users to access all their personal data aggregated within a single platform; it allows users to share specific datasets with friends, doctors and other practitioners; and it offers the ability to set reminders, goals and challenges. Quantid plans to amass an enormous database of quantified human data. "By leveraging the power of big data analytics we plan to develop sophisticated algorithms to identify trends and correlations, enabling our customers to generate powerful insights into their behavior, health status, medical conditions and overall well-being." The key challenge to Quantid is the matter of trust, and the guarantee that the customer's data would never under any circumstances be sold or given to third parties.

The host for the meet-up, Eddie George, took 10 minutes describing what thequantified-self is and how wearables are key to this concept. He described it as all the vital health and other data that could affect how you are offered insurance premiums. Your health and activity data or the lack of it will, in the future, affect the premiums that you pay for health and life insurance.  It will also impact your vehicle insurance. This also led to the question as to how much of your quantified-self do you let your insurance company know about you in order to offer a fair premium.

George identified 3 challenges that face the quantified-self namely, aggregation, analysis and access. Aggregation in the sense that currently individuals are in possession of different types of data related to their health and physical training/activity, therefore it might make analysis a lot more challenging, also access to this data is highly siloed and spread across different providers.

After George's description of quantified-self we were all split up into break out sessions where we discussed whether there is a benefit for insurance companies and the individual when it comes to this subject matter? One key outcome from my break out group was that, if insurance companies could use the quantified-self to help the individual to make better decisions, rather than punish through hefty premiums it will guarantee the survival of that organization in what is considered a very competitive landscape. Another lesson shared was that insurance companies should start to use technology and the quantified-self to bring individuals on the fringe who normally find it difficult to get insurance into the fold and make the insurance products more accessible to these group of people.

From the number of representatives from the insurance industry at the meet-up, one thing was clear, the insurance industry knows digital transformation is imminent, and they do not want to be caught unawares when this happens.  They want to approach it from a position of strength, rather than from a position of weakness by developing a closer and stronger relationship with their customers by offering better products and services that are value for money.

Peter Abatan is a project manager and a team member of Studio13, a design studio which provides product and service design to a wide variety of Cognizant's customers in various market sectors.


************************************************************************

 

Kevin Benedict Digital Curator, Writer, Speaker Senior Analyst, Digital Transformation, EBA, Center for the Future of Work Cognizant View my profile on LinkedIn Learn about mobile strategies at MobileEnterpriseStrategies.com Follow me on Twitter @krbenedict Browse the Mobile Solution Directory Join the Linkedin Group Strategic Enterprise Mobility Join the Google+ Community Mobile Enterprise Strategies Recommended Strategy Book Code Halos Recommended iPad App Code Halos for iPads

 

***Full Disclosure: These are my personal opinions. No company is silly enough to claim them. I am a mobility and digital transformation analyst, consultant and writer. I work with and have worked with many of the companies mentioned in my articles.

More Stories By Kevin Benedict

Kevin Benedict is the Senior Analyst for Digital Transformation at Cognizant, a writer, speaker and SAP Mentor Alumnus. Follow him on Twitter @krbenedict. He is a popular speaker around the world on the topic of digital transformation and enterprise mobility. He maintains a busy schedule researching, writing and speaking at events in North America, Asia and Europe. He has over 25 years of experience working in the enterprise IT solutions industry.

@ThingsExpo Stories
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by mining large volumes of unstructured data, and how data tracking delivers uptime when it matters most.
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP and chief architect at BSQUARE Corporation; Seth Proctor, CTO of NuoDB, Inc.; and Andris Gailitis, C...
SYS-CON Media announced that Cisco, a worldwide leader in IT that helps companies seize the opportunities of tomorrow, has launched a new ad campaign in Cloud Computing Journal. The ad campaign, a webcast titled 'Is Your Data Center Ready for the Application Economy?', focuses on the latest data center networking technologies, including SDN or ACI, and how customers are using SDN and ACI in their organizations to achieve business agility. The Cisco webcast is available on-demand.
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science from the University of California, Berkeley.
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness, and in-car entertainment and this excitement will bleed into other areas. On the commercial side, m...
The Internet of Things (IoT) promises to evolve the way the world does business; however, understanding how to apply it to your company can be a mystery. Most people struggle with understanding the potential business uses or tend to get caught up in the technology, resulting in solutions that fail to meet even minimum business goals. In his session at @ThingsExpo, Jesse Shiah, CEO / President / Co-Founder of AgilePoint Inc., showed what is needed to leverage the IoT to transform your business. He discussed opportunities and challenges ahead for the IoT from a market and technical point of vie...
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Building low-cost wearable devices can enhance the quality of our lives. In his session at Internet of @ThingsExpo, Sai Yamanoor, Embedded Software Engineer at Altschool, provided an example of putting together a small keychain within a $50 budget that educates the user about the air quality in their surroundings. He also provided examples such as building a wearable device that provides transit or recreational information. He then reviewed the resources available to build wearable devices at home including open source hardware, the raw materials required and the options available to power s...