This week I spoke at The Future of General Insurance event about our latest Insurance Industry Technology Trends report at Endava. Here’s a brief summary of the presentation.
Endava works in many industries, and we can see what companies outside of insurance do really well, that insurers can learn from. We have found 20 ‘trends’, of which we covered five most relevant ones to general insurers at the conference:
IoT (Internet of Things) are slowly redefining how consumers perceive ‘insurance’
Moving to mobile first interfaces
Using social media
The use of digital marketing in the insurance industry
According to Deloitte’s Mobile Consumer Survey 2016 report, mobile hasn’t just reached saturating point (over 80% of the UK now owns a smartphone – and still annually growing at 7%), it’s become embedded in our day to day (and night to night) lives. We don’t just own a smartphone, we let it take over our lives – foregoing sleep or partner and friends asking us to put the thing away.
Here are the highlights and takeaways (all are UK statistics, from 3,251 respondents) from the Deloitte Mobile Consumer 2016 report:
10% of smartphone owners check their device immediately on waking up, with over two thirds of us checking our phone within 30 minutes of rising.
43% of us check our phones within 30 minutes of going to bed.
Half of smartphone owners aged 18-24 check their phone in the middle of the night (most of whom check the time, instant messages, social media notifications or email). If you’re not in that age bracket, it’s still 48% for 25-34 year olds, 37% of 35-44 year olds and 27% aged 45-54.
Next time you’re out with friends in a restaurant checking your email, or supposed to be out with the family, or just crossing the road, remember the two graphs above.
I went to a few of the presentations, but only two of them are worthy of any mention (one, which I won’t name, didn’t have a presenter… the technical support guys simply played a video in the theatre – it was one of the oddest ‘presentations’ I’ve seen).
I recommend the organisers arrange fewer presentations next year, aiming for quality over this year’s huge quantity.
I went to the Smart IoT (Internet of Things) event today in London’s Excel centre. The programme of presentations over the two days looked great, so I signed up a while ago. This post is to share with my colleagues and for anyone else who couldn’t make it today.
I’ll start with a summary and then go into detail, because I made lots of notes during the presentations.
Summary of Smart IoT 2016 Day One
On the content:
There were some thought provoking content (which I’ve covered below) mixed in with some below-par presentations.
I didn’t see any presentations where payments were discussed. I.e how IoT devices will transact with one another/ a service/ a person.
TechUK held an event called “Can the IoT (Internet of Things) become a reality without the Cloud?” and whilst the event didn’t really answer the headline question, it was interesting in other unexpected ways.
The last couple of events I’ve attended at TechUK have been a little dry, lacking anything interesting to report here. As I left the office for the IoT event I remarked to a colleague that if this event was also dry, I might reduce the number of TechUK events I attend.
There were four speakers supported by the chair Stephen Pattison, VP, ARM Holdings:
Paul D’Cruz, Chief Technical Officer, Cisco UK Public Sector
Barry Jennings, Associate, Bird & Bird
Nick Hyner, Director Cloud Services EMEA, Dell
Gabriel Vizzard, Internet of Things Lab Services Foundry, IoT Solution Architect, IBM
Stephen, Paul, Nick and Gabriel naturally promoted their employer’s latest product offerings, with varying degrees of humour.
Surprise surprise Cisco said the current network (Internet) doesn’t have the bandwidth for billions of devices (I wonder who sells network equipment….) and Dell talked about more Cloud computing which ultimately translates into more [Dell] servers. Every time thw word “security” was mentioned, we were served a reminder of how much ARM are investing in IoT security protocols.
This morning I attended a TechUK seminar “Insurance and the Internet of Things”.
There were some good speakers who raised quite a few points which I hadn’t heard or thought of until today. Clearly there are some leaders in the space, who are not insurers and are gearing up for a battle for new types of insurance products.
Earlier this week I was on a panel at the ITC (Insurance Technology Congress) 2015 event. My panel was dealing specifically with Internet of Things in the insurance industry.
The event was aimed at CIOs of large, mainly commercial insurance companies. The CTO and CIOs in the room spend their time and budget keeping the lights on – i.e. keeping their systems in tip-top shape.
These CIOs and CTOs are rightly proud of their systems’ stability and availability, and until now innovation is a distant second priority. However, new technologies and technology companies are entering the market, and this conference was a joining of minds to create a plan for the future.
This morning I went to an event at Tech UK called “The Connected Home: Empowering the consumer through the Internet of Things”. Here are my notes which I managed to quickly scribble down.
Jeremy Green from Machina Research was the chairman for the morning.
In the energy retail market, smart meters increased conversion rate from 12 to 48% through more intelligent offers and improved proposition
Internet of Things (IoT) is about getting data to a user’s smartphone to view analytics and make a choice of what to do 20% of energy bills are ‘background use’ – which is background energy being used while sleeping, or not even knowing a device is on.
The topic was highly focussed on Smart Meters, mainly because of the panel at the event (smart meter suppliers). Unfortunately there was nothing about changing business models and it led to some government bashing.