How Chubb applies disruptive IoT Technology
The IoT Tech Expo Team spent some time with Sean Ringsted, Chief Digital Officer, Chubb. Chubb is speaking at the upcoming IoT Tech Expo North America Virtual! Click here to learn more.
- How is your company applying IoT and disruptive technologies?
Chubb’s vision is to be a global insurer that innovates, operates and thrives in the digital world.
As Chubb digitizes, one area of focus is IoT technology which we believe will shift the insurance model from “repair and replace” to “predict and prevent” – a major shift in our relationship with customers which we believe will ultimately change the risk management paradigm. Today, Chubb is already actively collecting and analyzing IoT data and I’m optimistic about the future of the technology. We see IoT as a real opportunity to offer new, preventative services for our clients to reduce, or even avoid, losses.
2. What do you see as the biggest challenges, and/or benefits in using IoT technology?
IoT allows for real-time insights into the conditions and environment around the device, providing new information that our underwriters did not have before. As opposed to looking back at aggregated historical data, IoT provides the promise of data that betters reflect the exposure of a risk, allowing underwriters to develop new products and better tools to manage risk. The customer is the beneficiary.
For example, losses arising from water damage in buildings are a problem for Chubb, and the industry at large. By detecting water pressure build up or actual leaks, IoT sensors can trigger actions to reduce or prevent loss to the customer and avoiding the considerable time and effort to remediate the damage. Water loss is but one example of a range of potential applications across commercial and consumer risks.
However, while the technology continues to develop, there are barriers to unlocking the full potential of IoT. We are still dealing with physical devices that need to be reliable mechanically and digitally secure with respects data and communications. Deployment of IoT at scale will require solutions to be found to address a number of operational issues – e.g. interoperability across devices, secure transfer of data and privacy of information. While we collectively share these challenges, I believe as an IoT community we can work together to overcome these barriers.
3. What advice would you give companies to stay competitive/ innovative throughout this pandemic?
Collectively we are all facing the challenge of our lifetime in this tragic period. For Chubb, that has meant first and foremost looking after our people and then ensuring that our customers continue to receive best-in-class products, services and claims handling that they expect from Chubb. We have done this through our strong digital base. We have found it important to be flexible and nimble for today’s customers, while at the same time maintaining our core long-term priorities to address the future needs of our next generation of customers.
4. What is your company’s roadmap for the rest of 2020 and what should we expect to see from your team in the next 12 months?
As we look ahead, Chubb is well placed through its people, products and financial strength. There has never been a more exciting time at our company, especially with regards to digital. Much of that excitement comes from our growing toolbox of digital capabilities, which includes our IoT enabled client services. Stay tuned, there’s more to come!
5. Who is your hero/mentor in this space: what lessons have you learned from them and how have you applied them in your career?
Personally, I have many heroes and mentors, but in my work I most often draw inspiration, insights and guidance from those immediately around me. I have had the privilege of working alongside some extraordinary colleagues. There is truly never a day when I do not see or hear something new that I can use to help the business.
If you would like to learn more about the upcoming IoT Tech Expo North America Virtual, please click here. This event is a free to attend, virtual event exploring the IoT ecosystem over three packed days!
Register today to hear Sean’s presentation: Covering your Assets – Insurance in the Digital Age. Click here to register for free!