A simple example: in case of a road accident, we can retrieve the information regarding speed, airbag status and other relevant data based on the IoT sensors built in the car and evaluate the accident's level of damage, its severity and if necessary send an ambulance right away.
The Group recognizes how crucial the opportunity to digitalize the processes and the services is also in a view of all the technologies developed by UnipolTech. An approach based on big data, data transfer and on the data management makes part of the essential strategic guidelines to deal with the new scenario.
A complex challenge that we are ready for thanks to our cross-functional teams that are ready to manage the complexity deriving from the exponentially growing number of the connected things, via platforms that interpret the data transmitted from these objects rapidly and flexibly, coordinating huge volumes of information to produce value.
If we look beyond cars and motorcycles and transportation sector, there are a lot of implications and consequences of the IoT for people and the insurance companies; devices with sensors and auto activation functions that are also wearable and can be introduced easily basically in any part of a human life, at work, at home and during free time. The situations where insurance company can offer insurance products and services, protecting customers' privacy with the highest attention to guard the personal data.
According to the McKinsey research, up to now the insurance companies have used the connected devices to facilitate interaction with the customers and speed up the underwriting and accident management. However, the new technological environment will allow opening new distribution channels and extending the role of the insurance to include forecasting, prevention and assistance.
Therefore, the Internet of Things can bring significant advantages to the relationships with the customers allowing the companies to establish a more personalized contact with the customer and therefore to reinforce trust and retention.