Welcome!

Agile Computing Authors: Elizabeth White, Yeshim Deniz, JP Morgenthal, Mark Ross-Smith, AppNeta Blog

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of controversy around ownership of data and whether once that data has been released to an insurer whether it can be withdrawn, and whether an adverse event could impact or prevent an individual from being able to buy an insurance product.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.

@ThingsExpo Stories
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, discussed how Numerex, as an experienced, established IoT provider, has embraced a new m...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, John Jelinek IV, a web developer at Linux Academy, will discuss why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 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 ...
In his session at @ThingsExpo, Sudarshan Krishnamurthi, a Senior Manager, Business Strategy, at Cisco Systems, will discuss how IT and operational technology (OT) work together, as opposed to being in separate siloes as once was traditional. Attendees will learn how to fully leverage the power of IoT in their organization by bringing the two sides together and bridging the communication gap. He will also look at what good leadership must entail in order to accomplish this, and how IT managers ca...
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...