If you think that the digital world is crowded now, wait until you see what’s going to happen in the next few years…
Today, roughly two devices per person are connected to the Internet. Analysts estimate that by 2025 this number will have increased to six, and this will affect the real-time availability of information.
These “big data” are masses of information, often indirect, that are generated by any device we use, and they can be stored into large data bases.
When properly managed, they become Big Data Analytics and are the basis for avant-garde tools (Black Box, etc.).
Insurers will be able to take advantage of this information in order to be more competitive in pricing, underwriting, and loss control. Full control of the data is possible with the help of sensors that operate in real time. In the next decade, in fact, the growth of device connectivity will be achieved through small sensors that operate via “the Internet of Things,” otherwise known as machine2machine.
Every Object will have its own IP address or its own Internet identity/name.
By 2016, 30 billion Objects will be permanently connected to the web.
M2M technology operates a device through sensors that capture data (temperature, inventory levels, etc.). These data are transmitted via a network (wireless, wired, or hybrid) to an application that translates a captured datum into useful information. This triangulation will allow insurers of the future to exploit connected devices and sensors in order to develop risk and loss management and in this way increase productivity.
By 2020, the use of unstructured data (e.g. social media, devices, video, and audio) will supplement structured data by means of “artificial intelligence,” enabling Insurers to take strategic and long-term decisions, thus moving from a reactive business model to a predictive one.
Also by 2020, a number of biotechnologies will be available in nanoscale, offering the possibility of positioning devices and sensors in a non-invasive manner directly within the human body.
These nanotechnologies will have the potential for increasing therapeutic results considerably by means of advanced monitoring and preventive control of chronic diseases.
These technological developments will also make possible advances in artificial intelligence systems, for example machines that can learn new concepts independently, understand human language, and take decisions. In addition, the new technologies will allow advanced forms of payment (Near Field Communication, Mobile Peer2Peer) and identification of customers, using facial recognition by means of scans and in this way promoting greater privacy and security.