In the world of risk, to ignore the future is to welcome the past.
One future that is becoming increasingly clear is a world driven by the rise of the Internet of Things (IoT) and big data, where risk is instantaneously aggregated, measured, predicted, interpreted and transacted through a steady stream of information sources transmitting information without computer interaction. That technological development offers new possibilities for risk data aggregation and interpretation and presents new risk and security challenges.
One particular IoT opportunity JLT Group sees concerns the retail broking industry, specifically. At its core, the proliferation and accessibility of information made possible by the rise of IoT creates a foundation to reset the retail insurance broking industry. These technologies have the potential to redefine the speed and frequency of how insurable risk is assessed, priced and sold.
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