We know from the essence of Moore's Law that technology advancement will continue to astound us for the foreseeable future. The general understanding that every 18 months the power of computing will double while the cost is cut in half has resulted in an onslaught of new devices, new capabilities and new issues.
Things like Google Glass and Oculus VR (virtual reality) headsets are just two examples of a future once only dreamed of in science fiction books and movies.
On a practical level, we find in our homes devices and capabilities that are bringing huge convenience and efficiencies. Advances like intelligent appliances or remote control over every function in the home from your smartphone are driving technology deeper into every crevice of our existence.
Parallel to what's happening to "things," there's another development that has some people worried and others enthused. The most recent example of this is the new feature Facebook recently launched called: Nearby Friends.
Nearby Friends works by using the GPS function of the phone to assess proximity to determine which of your friends are nearby. You can choose if you want to expose your location to them and for how long.
Nearby Friends captures your location history and allows Facebook to use the information for location-based advertising. For example, knowing you are approaching a Starbucks, Facebook could show on your phone an ad for a latte at half price. It could also learn whether that ad was persuasive enough to get you to go into the Starbucks. This is very powerful information and for some, very creepy.
Another advancement along similar lines is geo-fencing, a relatively new feature being added to many mobile apps. With geo-fencing, the business app sets a virtual fence around some designated point and when anyone with the app on his or her phone crosses the line, he or she automatically receives an alert.
Imagine you're exhibiting at a trade show and immediately upon entering the exhibit hall, an attendee receives on his or her smartphone an invitation for a drink or special event at your booth.
These developments represent a future full of possibilities as long as we don't lose control over the decision to opt in.
Security is even more important. Given the numerous hacks against major corporate databases, how do we protect that sensitive location information from getting into the wrong hands? And if it does, who's to blame for the consequences? What about those smart devices that communicate when they need repair, or the smoke detectors that call the fire department or the smarthome apps that let you secure your house remotely? Who's to blame and, more to the point, where does the homeowners' insurance come into play?
There has never been a time as replete with change as today, and more great ideas will spring from that change. As insurance agents, you must stay on top of these changes, if not for your interests, then to make certain your clients are properly protected.
Some of you may think that these new gizmos and gadgets are of no interest and don't really concern you. But it couldn't be further from the truth.
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