Internet of Things (IoT) Business Opportunities

Insurance IoT is a social good! Because: 🔵 Expected losses can be reduced structured programs with both real-time mitigation actions to solve a specific situation, and behavioral change mechanisms to promote safer behaviors (both in personal and commercial lines) 🔵 Rate can be matched to risks better: - Smaller and more accurate pricing clusters allow a large part of profiles to receive a lower rate  - Even with the ability to price the individual probability of loss (cluster of one) the insurance foundation isn’t canceled (The risk of each policy will contribute to the expected losses of the portfolio; The premiums paid by many lucky policyholders will be used to pay the claims of the few unlucky policyholders who had an accident in a period of coverage) 🔵 IoT data can be used to increase the effectiveness and efficiency of the claim process, so improving the combined ratio ceteris paribus ⏩ Large part of the policyholders will pay less (and portfolios currently difficult to insure will become more insurable) Insurance IoT (and telematics) is not about providing a discount Insurance IoT (and telematics) is about creating economic value using the data and sharing part of this value with policyholders (and agents & brokers) An integrated holistic adoption of the IoT paradigm is a game changer for your insurance business and a social good: ◾ it allows to improve the availability and affordability of insurance coverages ◾while allowing the sector to write a profitable business Below you can enjoy a selection of best practices in both personal and commercial lines - written with some of the IoT Insurance Observatory members - that have already started to obtain results from their IoT business transformation journeys #iotinsobs #insurtech #innovation

There are plenty of bootstrap opportunities at the convergence of Security Cyber and Intelligence. 1. CROSS-DOMAIN INSIDER THREAT DETECTION: Software correlating physical access (badge swipes, location data) with digital activities (unusual system access, data transfers) to identify suspicious behavior patterns. 2. INDUSTRIAL COMPLIANCE AUTOMATION: Platform specifically addressing regulations spanning physical/OT/IT security (NERC CIP, IEC 62443) with automated evidence collection. Solves acute pain point for critical infrastructure. 3. SECURITY ROI MEASUREMENT: Tools helping security leaders quantify and communicate risk reduction across physical and cyber investments. Addresses board-level visibility challenges. 4 REGULATORY-READY IOT SECURITY: Solution helping manufacturers meet IoT security regulations with minimal engineering resources. Timing aligns with EU Cyber Resilience Act implementation, creating urgency and customer acquisition opportunities for both physical device makers and cybersecurity buyers. 5. UNIFIED SECURITY CONSOLE: Simplified platform unifying physical access, video surveillance and cyber monitoring for mid-market companies. 6. CYBER-PHYSICAL SKILLS DEVELOPMENT: Platform addressing talent gap by training/certifying professionals across both domains. Creates valuable database of qualified candidates while solving critical hiring challenge. 7. CROSS-DOMAIN ATTACK SURFACE MANAGEMENT: Automated discovery of unknown/unmanaged assets spanning cyber, OT and physical security environments. Creates immediate value by revealing hidden risks while generating proprietary data about customer environments. The most attractive opportunities will create proprietary datasets that improve with scale, bridge organizational divides between physical and cyber teams, and solve immediate compliance or threat detection challenges without requiring extensive hardware replacement.

The Internet of Things (IoT) is set to transform competition and drive innovative business models for users and suppliers. This shift will lead to new ways of conducting business. Manufacturers can move from selling capital goods to providing services using IoT to monitor machinery at customer sites. Sensor data enables a usage-based pricing model, integrating service and maintenance into rates or service agreements, potentially offering upgrades. Machine performance insights can inform new models and cross-selling, enhancing customer relationships. In the IoT technology sector, selecting the right business model is a complex decision. The industry is still emerging, and competitive advantages and successful strategies will evolve. Like past tech advancements, IoT business models may progress from infrastructure to applications and diversification. Current IoT system complexities and customer implementation limitations create opportunities for providers to offer tailored solutions. As the industry matures, more generalized platforms may emerge, providing a wider array of solutions. For IoT suppliers, the competitive landscape will be influenced by unique technology, proprietary data, robust software, and end-to-end solution capabilities. With technological progress, the value distribution among players will change, with software and analytics providers likely gaining more value chain share. 👇 #IoT #Innovation #BusinessModels #Manufacturing #Technology #DataAnalytics #SoftwareSolutions #Competition #CustomerRelationships #TechIndustry #ValueChain #IoTPlatforms #IoTApplications #DigitalTransformation #IndustryAdvancements #BusinessStrategies #ServiceProviders #IoTSolutions #Hardware #Software #Analytics #EmergingTechnologies #MarketTrends #CustomerNeeds #TechAdvancements #IoTProviders #ValueDistribution #TechEvolution #CompetitiveAdvantage