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In this Insurance Institute of London (IIL) property lecture Iain Wilcox will discuss the impact that the Internet of Things (IoT) is having on commercial property and warehousing. The opportunities that provides for insurers and brokers alike to develop new products and services, to use and exploit the wide range of data available in buildings to predicts and proactively manage risk in real time for the benefit of all stakeholders. This is driven from experienced gained by Built Asset Sector, learning from the lessons driving sustainability and energy efficiency.
This lecture will initially discuss the requirements, challenges and drivers behind the use of real time property data, both technically and commercially. How these challenges have been overcome, using practical examples, illustrating use cases derived from client projects.
The second part of the lecture will look at how this can support and help develop the insurance and risk management proposition for brokers and their insurance partners. What are the commercial models that are being developed and how is this impacting distribution?
Finally, Iain will look at what this means for the client, where are the benefits and how long does it take to deliver on the potential.
By the end of this lecture members would have gained an insight into:
• The value of real time data in commercial property and warehousing
• How IoT works in commercial property – practical examples
• The potential impact on the insurance industry
Simon Warren ACII, Senior Property Underwriter, AIG.