WEBINAR: Internet of Things - How Technology is Shaping our Future

The world has never been so connected with an inexhaustive array of Smart devices from Smart Phones, Smart Watches, Smart TVs and even Smart Fridges. Just as globalisation transcends borders, IoT (Internet of Things) is fuelling businesses in becoming more connected to their consumers. Incumbents who do not adopt new technologies are vulnerable to the ‘Uber’ effect, and as such can be displaced by new entrants who bypass barriers to entry with propositions underpinned by these new technologies. Start-ups can dictate new industry equilibriums, with a pace of agility that existing players cannot contend with; and thus, disrupt through digitalisation.

InsurTech is the Insurance Industry’s own crop of startups who have their eyes on becoming the next batch of Unicorns (valued at $1Billion+) and in doing so, some are intent on displacing the existing players, whilst others are more focussed towards working with existing companies, but both types of startups are inherently seeking to change the Insurance Industry.

This seminar will focus on IoT detailing what IoT is, why it matters for the Insurance industry and who has the most compelling propositions for consumers. This view of ‘above the line’ will be supplemented by when and which technological aspects fuelled IoT, together with how 5G will bring about the next wave of propositions and possibilities. However, the implementation of GDPR in 2018 is where businesses must exercise judgement and oversight in their adoption of IoT. This holistic tour will inform attendees to understand how IoT can be best applied to the Insurance Industry, and where it can disrupt.

Learning Objectives

By the end of this seminar, participants will be able to:

1. describe how IoT works from a business perspective including key use cases;
2. understand how 5G will further accelerate IoT adoption together with new propositions;
3. cite the interdependent technologies that have propelled IoT into modern day life;
4. identify the current and future applications of IoT;
5. recognise the main InsurTechs in this space and their value propositions; and
6. overlay IoT use cases across Broking, Claims, PFS and Underwriting.

About the Speaker

Sumit Sethi is a leading Change Professional with two decades of experience in General Insurance and most recently, within the Television and Telecommunications Industry. During this time, he progressed from Delivery to Strategy via Architecture, working seamlessly in both the Business and IT domains and as such, Sumit is both a qualified Chartered Insurer (ACII) and Chartered IT Professional (MBCS CITP).

Sumit’s early career was in Delivery working as a hybrid Business Analyst and Project Manager, culminating in the creation of his own Business Analysis Practice. Exposure to more IT-centric projects led Sumit to specialise in Architecture working as an Enterprise Business Architect across a range of industries. This combination of Business and IT experience facilitated Sumit’s progression to his current path of Strategy and specifically, InsurTech. Most recently, Sumit has been undertaking Consultancy and Advisory engagements from a range of UK Insurers to the UK’s largest MGA and several start-ups.

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