Gathering and Harvesting New Data through “The Connected Life”
The Connected Life, the digital life is steadily emerging. Today’s insurance consumers are increasingly tech savvy and want services on demand and expect them to be readily accessible anywhere, anytime. Because of this, the insurance industry and more specifically, the personal property and casualty insurance sector, is experiencing a significant period of change and opportunity. The primary change agent in this disruption is the significant amount of specific data that an insurance organization can gain for individual policyholders or prospective policyholders in this era of the Internet of Everything.
An industry steeped in tradition, legacy systems, conservative business practices and risk avoidance is now faced with the need for significant, rapid adoption of new technology accompanied by new data analytics models. This change is in-progress and data from the connected car, connected home and connected person is being gathered. The challenge facing the Insurance organization is not the data gathering, but the management, mining and “harvesting” of this expansive data. In fact, Cisco acknowledges five pillars in this space: Connect, Collect, Analyze, Decide and Apply. Focusing only on the first two areas of Connect and Collect will not provide an advantage over competitors. The key focus areas that will bring true value to insurers are Analyze, Decide, and Apply.
Put simply, a competitive advantage can be achieved by those organizations who effectively “harvest” newly gathered data from connected life solutions. Virtually all property and casualty insurance organizations with a top 100 ranking are investigating, testing, piloting or commercially deploying “Big Data” initiatives. These data gathering initiatives include connected vehicle/telematics, connected home and connected health of the individual, and further include value-added offerings for the consumer, while providing the opportunity for insurers to learn a lot about the policyholder or a prospective policyholder. Read More »
Tags: analytics, Big Data, Cisco, customer experience, digital, financial advisor, Financial Services, insurance, video
Let’s start on a light note. For a brief period of time, the Internet of Things became associated with the fridge that orders milk by itself. This retro-futurist icon is a great example of a common tendency for extremely disruptive technological waves to first enter the public realm in the form of low impact nice-to-have use cases (personal computers and robotics suffered the same fate at first). Besides being amusing, these are also instructive. The small-mindedness of a fridge that has a direct line to the supermarket is a great way to make a really important point: the value of the Internet of Everything (IoE), ultimately, is about the network, not the individual connections. Read More »
Tags: Christoforos Anagnostopoulos, Cisco, Internet of Everything, Internet of Things (IoT), IoE, IoT, Mentat Innovations
There was significant Small Cells buzz during last months Mobile World Congress, where Cisco announced a range of innovative products and solutions that can be used to accelerate the market adoption of small cells. In particular, I spoke at the Small Cell Forum’s Small Cell Zone were I described how Cisco is accelerating enterprise small cell deployments, through a combination of:
- driving an E2E enterprise architecture that is able to span single 50 sq.m teleworker installations through to 50,000 sq.m campus deployments
- cloud based Mobility IQ providing Wi-Fi and Small Cell network, user and business intelligence with dashboards that enable integration into enterprise managed service offers
- channel enabled commercial models that leverage Cisco’s installed base intelligence and vertical sector segmentation to prioritize, qualify, design and install enterprise small cells
- and, the topic that I want to drill into today, virtualizing small cell core networks and management systems that can be deployed in minutes instead of months, and consumed on a pay-as-you-grow basis
Small Cells have always been easy to deploy with integrated self configuration capabilities and Cisco has now deployed over Read More »
Tags: Cisco, futureofmobility, HetNet, mobility iq, Service Provider, small cell deployments, wifi
During your morning workout at the gym, a device on your arm measures each step and connects with…your bank. By monitoring your healthy lifestyle, the bank can then arrange a lower rate on your health insurance. Later, when walking toward your office, you notice an apartment for sale in a neighborhood you have been scouting for real estate deals. So you point your smartphone at the building to view an augmented-reality image superimposed on the building. In turn, you see the price, square footage, and a live link to your bank’s virtual mortgage advisor.
These kinds of scenarios could become commonplace, once banks embrace the opportunities of the Internet of Everything (IoE) era. While today’s digital consumers demand experiences that are relevant to their current context, many feel that banks don’t understand their needs. Contextual interactions may be common when buying books or streaming movies, but customers sense a “value gap” with their banks. And many are willing to trust disruptive innovators from outside the traditional realm of financial services to fill this void.
Banks can keep pace with customer demand by adopting IoE-enabled solutions that offer expert advice, value-added services and convenience, whenever and wherever customers need them — and do so securely. Wearables and augmented reality are among the more forward-looking innovations that banks should be exploring today. But there are many other ways for banks to reconnect with customers.
In a recent Cisco survey of banking customers in 12 countries, respondents were extremely receptive to five core IoE-enabled banking solutions centered on advice (virtual financial advice, virtual mortgage advice and automated financial advice) and mobility (branch recognition and mobile payments). Seventy-five percent would move their money to another provider for one or more of the five concepts. In emerging markets, respondents are twice as likely to move their money.
Read More »
Tags: analytics, augmented reality, banking, biometrics, CCS, Cisco, Cisco Consulting Services, data, digital, Financial Services, hyper-relevance, innovation, Internet of Everything, internet of things, IoE, Wearables
Commoditisation is a big word these days in the Service Provider business. The value of our services is being depreciated as our customers are exposed to growing choices offering comparable products. In this borderless economy, competition can come from the most unexpected sources. How are you using technology to give your customers a better experience? A number of ways technology changes the way we do things we do were showcased in the recent Cisco Live events. How would you put those to good use in your businesses?
Every morning when I wake up, the first thing that I touch is my mobile phone. Living in Read More »
Tags: Cisco, cisco live melbourne 2015, mobile, Service Provider, technology