Welcome!

@BigDataExpo Authors: Angsuman Dutta, Elizabeth White, Yeshim Deniz, Harry Trott, Liz McMillan

Related Topics: @ThingsExpo, Java IoT, Mobile IoT, Linux Containers, @CloudExpo, @BigDataExpo

@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of controversy around ownership of data and whether once that data has been released to an insurer whether it can be withdrawn, and whether an adverse event could impact or prevent an individual from being able to buy an insurance product.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 an opinionated Senior Analyst at Cognizant's Center for the Future of Work, SAP Mentor Alumnus, speaker, writer, and mobile and digital strategies expert. He is a popular keynote speaker, and in the past three years he has shared his insights into mobile and digital strategies with companies in 17 different countries. He has over 30 years of experience working with enterprise applications, and he is a veteran mobile industry executive. He wrote the Forward to SAP Press' bestselling book on enterprise mobility titled Mobilizing Your Enterprise with SAP, and he has written over 3,000 articles.

@BigDataExpo Stories
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, will discuss th...
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure throu...
Cloud adoption is often driven by a desire to increase efficiency, boost agility and save money. All too often, however, the reality involves unpredictable cost spikes and lack of oversight due to resource limitations. In his session at 20th Cloud Expo, Joe Kinsella, CTO and Founder of CloudHealth Technologies, tackled the question: “How do you build a fully optimized cloud?” He will examine: Why TCO is critical to achieving cloud success – and why attendees should be thinking holistically ab...
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
SYS-CON Events announced today that Elastifile will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
SYS-CON Events announced today that Golden Gate University will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. 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 w...