Making sense of data to understand and reduce risk
Companies, consumers and insurers should work together to optimise the opportunities brought about by an Internet of Things-enabled ecosystem.
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GLOBALLY, around 5.5 million new devices connect to the Internet every day. Every second, more than 205,000 new gigabytes of data are created, which is the equivalent of 150 million books.
The sheer amount of information generated each day is creating a new technological revolution. Termed the Internet of Things (IoT) - where any device with an on and off switch can connect to the Internet or to one another - this revolution has huge potential.
While the IoT still presents many unknowns, an AIG survey found that twice as many people were optimistic about its advent rather than fearful. By 2020, more than half of major new business processes will incorporate some element of IoT, according to Gartner.
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