Dell Services today announced a new Internet of Things (IoT) insurance accelerator designed to help insurance companies quickly create vital new products and services to ensure they stay ahead in an increasingly competitive IoT-enabled market.
The accelerator provides insurers with a package of integrated tools, hardware, software, infrastructure and cloud, allowing insurers to quickly launch next-generation insurance products and services; improve underwriting, enhance loss management practices and connect and engage with customers in real time. It enables insurance companies to take advantage of the far-reaching benefits of IoT by providing them the ability to more accurately predict risk and take effective preventive measures by analysing historical and real-time data. In addition, the IoT accelerator delivers lower loss ratios by giving insurers the ability to offer proactive services, thereby ensuring higher retention rates.
Based on a distributed network with Dell’s Edge Gateway, this end-to-end solution includes a complete set of pre-integrated software components including Dell Statistica for analytics, Dell Boomi for integration and Dell SonicWALL for security along with various third party partner toolsets, such as ThingWorx. Customer journey templates are also provided as part of the accelerator, leveraging best practices around user experience from Dell Digital Services. In addition, the accelerator also provides associated supporting functionality such as mobile apps and analytics.
Example customer journeys as part of the accelerator include services such as the smart connected building, where insurers can fill a property with various sensors able to monitor water leakage, air quality, CO (fire, smoke or gas leakage), and occupancy amongst others. The sensors send data in real time to a Dell Edge Gateway which filters, aggregates, encrypts the data, and uploads it to ThingWorx’s cloud-based IoT lifecycle management platform. This data can be used for multiple outcomes such as providing dynamic insurance policies and alerting the property owner and/or insurance company of any dangers. A mobile app further enhances the user experience providing the property owner with real-time data on insurance usage and safety.
Simon Winter, Dell Services executive director of Banking, Financial Services & Insurance, said: “Building on Dell’s world class end-to-end portfolio of Internet of Things-enabling solutions and services, the IoT insurance accelerator allows insurers to provide their customers with real-time information and support whilst concurrently improving an insurer’s operating ratios. This market-leading offering has the potential to change the way the industry works.”
The new solution builds on more than 30 years of experience Dell has in serving the insurance industry in general insurance, life and pension segments. Dell is one of the largest third-party administrators of life and pension products in North America, administering nearly 3 million insurance policies, collecting more than $4 billion in premiums annually, handling 30,000 new business cases monthly with more than 5 million phone calls from policy holders and agents annually.
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