|By Kevin Benedict||
|April 25, 2014 11:32 AM EDT||
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of controversy around ownership of data and whether once that data has been released to an insurer whether it can be withdrawn, and whether an adverse event could impact or prevent an individual from being able to buy an insurance product.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.
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Oct. 1, 2016 05:00 PM EDT Reads: 2,041
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Oct. 1, 2016 04:30 PM EDT Reads: 1,320
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Oct. 1, 2016 04:00 PM EDT Reads: 3,733
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your ...
Oct. 1, 2016 04:00 PM EDT Reads: 1,307
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
Oct. 1, 2016 03:45 PM EDT Reads: 609
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Oct. 1, 2016 03:30 PM EDT Reads: 1,765
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Oct. 1, 2016 03:30 PM EDT Reads: 1,199
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, will explore the value of Kibana 4 for log analysis and will give a real live, hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He will examine three use cases: IT operations, business intelligence, and security and compliance. This is a hands-on session that will require participants to bring their own laptops, and we will provide the rest.
Oct. 1, 2016 03:15 PM EDT Reads: 2,535
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Oct. 1, 2016 03:00 PM EDT Reads: 3,070
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Oct. 1, 2016 01:30 PM EDT Reads: 872
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th 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 devices - comp...
Oct. 1, 2016 01:00 PM EDT Reads: 5,192
What are the new priorities for the connected business? First: businesses need to think differently about the types of connections they will need to make – these span well beyond the traditional app to app into more modern forms of integration including SaaS integrations, mobile integrations, APIs, device integration and Big Data integration. It’s important these are unified together vs. doing them all piecemeal. Second, these types of connections need to be simple to design, adapt and configure...
Oct. 1, 2016 12:30 PM EDT Reads: 666
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
Oct. 1, 2016 12:30 PM EDT Reads: 2,341
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Oct. 1, 2016 12:30 PM EDT Reads: 3,277