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Insurance in the Millennial Era

That needs for insurance professional and consumers have rapidly changed in recent years. This blog contains articles for both insurance consumers and professionals in the "millennial era".

The Internet of Things Market is poised to Explode

Craig Lebrau Craig Lebrau , 10/30/2017
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In our current day and age, where expanded Internet connectivity and widespread mobile adoption reign supreme, there is a fruitful environment for the expansion of a network in which objects are able to collect and exchange data, effectively ‘communicating’ with each other. Indeed, these objects are in burgeoning demand, with Apple’s three releases of watches within the space of two years just a miniscule example. Companies are scrambling to release products from generic household items to fashion accessories and hospital equipment. These products, once connected are able to track, collect information and subsequently send to ‘remotes’ (i.e. your smartphone) which produces intelligible and productive insights. Sound like a mouthful? Next time you’re at the department store lookout for the newest fridges in circulation, some even let you keep track of your grocery inventory.

Here are several indicators of how $6 trillion will be invested into Internet of Things, or IoT in short, between 2015 and 2020 and why as a part of preparing your business to incorporate IoT, equipping your staff with PRINCE2 Foundation Certification Training could be a worthy idea.

1. Transportation

Google’s Android Auto is fast becoming a mainstay in newly manufactured cars. Volvo, Volkswagen and Jeep have all integrated, or signed partnerships to integrate, the Linux-operated system into their ‘infotainment’ ecosystems. No longer will buttons have to be pressed for music to be played, a simple “Ok Google, play some Adele” will launch Spotify and a perfectly curated playlist. Smarter and more entertainment friendly cars are being produced to accommodate a wireless world, and a report claims that 1 in 5 cars will have a wireless connection by 2020. Further, consulting firm Boston Consulting Group predicts that the global business to business spending on IoT connectivity components will reach $267 billion by 2020, with 50% of spending stemming from manufacturing, transportation and logistics needs.

2. Retail

Widespread interviews, 1700 to be exact across North America, Latin America, Asia-Pacific, Europe and the Middle East with key decision-makers pose statistics in favour of incorporating IoT devices into consumer processes and omni-channel purchases. 78% of retailers rate managing big data as crucial to operations encompassing in-store and online purchases, with 87% of retailers saying they will deploy mobile point-of-sale devices by 2021 to facilitate transactions anywhere within a store. Already, beacons paired with customer-downloaded applications, are being used to monitor customer behaviour in store and push advertisements. $44.4 billion is estimated to be generated from these beacon-triggered messages.

3. Big Data

Although not technically a market but a collection of essentially unintelligible information, it is precisely this collection of information, that once made intelligible by the increasingly urgent demand for data analysts, which will pose the biggest disruption to hospitality, banking, infrastructure and agriculture industries, amongst others. Farmers for example, are realising the immense benefit offered by attaching sensors to their cow herds, allowing increased productivity and early detection of health abnormalities. Moocall, an Irish company working with Vodafone, aims to reduce cow mortality rate from birth-related complications by up to 80% by keeping farmers informed of how long their cows have been calving.