In the world of risk, to ignore the future is to welcome thepast.
One future that is becoming increasingly clear is a world drivenby the rise of the Internet of Things (IoT) and big data, whererisk is instantaneously aggregated, measured, predicted,interpreted and transacted through a steady stream of informationsources transmitting information without computer interaction. Thattechnological development offers new possibilities for risk dataaggregation and interpretation and presents new risk and securitychallenges.
One particular IoT opportunity JLT Group sees concerns theretail broking industry, specifically. At its core, theproliferation and accessibility of information made possible by therise of IoT creates a foundation to reset the retail insurancebroking industry. These technologies have the potential to redefinethe speed and frequency of how insurable risk is assessed, pricedand sold.
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