Thursday 17th October 2019
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IoT News

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C-suite meeting in Chicago in November to debate the future of connected insurance

Ahead of the Connected Insurance USA 2019 event, Jeremy Snyder, chief operating officer at Avinew tells IoT Now’s Jeremy Cowan how IoT is having a positive impact on the insurance industry – and what’s holding things back.

IoT Now: How is Internet of Things (IoT) connectivity changing the insurance services you are now offering to your customers?

Jeremy Snyder, Avinew: To best understand how IoT connectivity is going to change auto insurance, you have to also look at how IoT connectivity is changing the vehicles we drive. In the past, when new safety features have been added to cars – airbags, anti-lock brakes, etc. – insurance companies have monitored the impact of these features over several years before discounts could be realised for consumers.

With this new generation of cars, much of the technology is connected. For example, Teslas get over-the-air software updates regularly. Additionally, we can get large amounts of data from entire fleets of vehicles and see what’s happening in near real-time. This allows us to underwrite at the speed of tech instead of having to wait for 10 years of historical data to populate actuarial tables.

Using IoT connectivity, we will be able to determine when a car uses its semi-autonomous feature and/or uses advanced safety features, collect that data, and then use that data to get a more specific and accurate understanding of the usage and create a more precise risk model that enables usage-based discounts.

When you consider traditional auto insurance, even if an app or dongle is being used, that technology is monitoring the behaviour of the driver. Avinew’s programs are different because of connectivity – our technology monitors both the car and the driver.  When a vehicle’s advanced features are in-use we believe those miles are safer.

Additionally, by monitoring routes, traffic and driving behaviour in real time we believe we have the opportunity to make the roads safer by educating consumers and turning over some of the driving to the machine. We think that if the new systems are used responsibly, the machine will be a safer driver – IoT connectivity is key to helping make this a reality.

The new generation of semi-autonomous and autonomous vehicles are equipped with many advanced driver assistance systems (ADAS) and a myriad of sensors, which will deliver previously unavailable data that will provide valuable insights into accident risk in both semi-autonomous and manual modes.

Avinew harnesses this data, applies the latest machine learning techniques and has developed predictive models of accident risk with higher degrees of precision than previously possible, enabling us to offer insurance at a significant discount to our customers for driving cars with these advanced, cutting-edge features.

IoT Now: What are the key technical or business challenges now facing connected insurance? 

JS: The biggest technical challenge facing connected insurance is systems integration within big insurance companies. For example, if you are a Managing General Agent (MGA) for an insurance company, and the insurance company is relying on all kinds of legacy systems, it means you have people working with outdated code. Integrating and updating legacy systems with the latest and greatest technology – artificial intelligence (AI), machine learning (ML), IoT connectivity, etc. – is extremely difficult.

If the insurance company isn’t able to transition to modern platforms, then as an MGA, you are dependent on slow-moving legacy systems to manage your data. The only way to move quickly to adopt these new technologies is to become an insurance company and create your own, more modern platform.

IoT Now: How will the insurance industry evolve as a result of connected services in the next five years?

JS: People in the insurance industry are starting to think about how they can process data with AI and ML, but full adoption and ubiquity of this is definitely a ways away. The insurance industry is starting to realise the huge impact that intelligent connectivity (using AI, IoT, etc.) could have on the underwriting process and how it has the potential to change risk dynamics for carriers. Right now there are applications that include AI and insurance companies are testing these, but it’s not moving fast enough.

Jeremy Cowan

Currently, a vast number of humans are required to be involved in insurance transactions to make judgement calls and decisions. It’s what makes the buying, claims, and underwriting process so long. IoT and other technologies will likely be able to transform the efficiency in the chain and the speed of transactions will become unbelievably fast. This is where AI, as well as blockchain, come into play. If you were to have an insurance company that utilises both AI and blockchain to their full potential, transactions that once took days would be reduced to taking minutes or even seconds.

I think that eventually, the entire process will be digital. You’ll buy your insurance with one click, claims will be auto-adjudicated and after an accident, your car parts will be at the shop ready to be installed as the car is arriving. This will all be fuelled by intelligent connectivity, for which IoT, AI and other technologies will play a critical role.

Jeremy Cowan of IoT Now was talking to Jeremy Snyder, chief operating officer at Avinew.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

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ZPMC, Vodafone, China Mobile and Huawei jointly release 5G Smart Port White Paper

At 2019 Globe Mobile Broadband Forum (MBBF 2019), Shanghai Zhenhua Heavy Industries Company (ZPMC), Vodafone, China Mobile and Huawei jointly release 5G Smart Port White Paper.This white paper provides a deep interpretation of 5G use cases in building an automation and intelligent port, aiming to accelerate application research and project commercialisation.

As the hub of modern transportation, ports play an important role in promoting international trade. According to relevant statistics, about 90% of global trade relies on maritime transportation. Efficiency is the lynchpin of the port industry.

Traditional ports rely on human resources to operate container cranes which is harsh working environments, heavy labour intensity and insufficient personnel. As a result, the rapid development of global sea transportation cannot be met as required. Port automation and intelligent reconstruction have become the industry’s overarching goals.

As 5G gearing up, thanks to its low latency, large bandwidth and high reliability, 5G will provide a new communication solution for port equipment, and inject new impetus into smart port reconstruction. Based on experience from ZPMC and Huawei, improving container transfer efficiency is the main service requirement for ports, and rubber-tyred gantry (RTG) crane is the first priority scenario.

With large bandwidth capability of 5G, real-time transmission of High Definition (HD) videos can be realised, and low latency capability of 5G can realise remote real-time control based on programmable logic controllers (PLCs). The operators can complete gantry crane operations (such as precise movement of cranes or lifting appliances and container pickup) remotely from the central control room. One operator can control multiple gantry cranes while working in a favorable environment, greatly improving working efficiency.

In addition, 5G can provide convenient and low-cost wireless network connections for multiple applications, such as autonomous driving of automated guided vehicles (AGV) and Intelligent Guided Vehicle (IGV), video surveillance in port. In combination with edge computing and AI, 5G can help synchronise and coordinate port devices and production systems, improve the intelligence and operational efficiency.

Through field practice, white paper participants believe partnership is vital to the port industry. In China, Huawei and China Mobile have been consolidating partnerships with ZPMC, and provided 5G private networks in Shanghai Yangshan Port and Ningbo Port to verify RTG carne remote control.

Du Yeqing, vice president of Huawei’s 5G Product Line said, 5G will not only bring revolutionary experience enhancement to terminal consumers, but also accelerate the digitalisation, automation and intelligent transformation of vertical industries.

Besides providing high-quality 5G network connections with global operators, Huawei is also looking forward to cooperate with global ecosystem partners to Cultivate new opportunities. With the release of this white paper, Huawei will work with ZPMC, Vodafone and China Mobile to develop more effective solutions for port customers leveraging technologies such as AI, cloud computing, big data, and IoT.

The 2019 Global Mobile Broadband Forum is attended by more than 1,600 people from operators, industries, vertical markets, standard and industry organisations, as well as media and analyst firms, from all over the world.

Demonstrations on site showcase the latest 5G technology solutions, commercial cases and the rich applications for 2C, 2H, 2B areas including 5G cloud AR/VR, live 8K broadcast over 5G, and machine vision and remote control powered by 5G, etc. For more details, click here

Click the link to download the white paper to learn more details of 5G Smart Port White Paper.

Comment on this article below or via Twitter: @IoTNow_OR @jcIoTnow

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The winners of the 2019 IoT Global Awards are …

WeKnow Media Ltd, the award organisers, are pleased to announce the winners of the 2019 IoT Global Awards.

With 11 categories encompassing every sector touched by the Internet of Things (IoT) and judged by a specially assembled panel of independent experts, the IoT Global Awards now in its second year, has attracted more than 150 entries from enterprises and innovators across the globe.

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