Secure IoT Solutions
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The increasing availability of sensor data opens up promising opportunities for insurers. No wonder that IoT is one of the major trends impacting tomorrow's parametric insurance and driving improvements in the claim’s management process. This is especially true for Industry 4.0, but also parametric insurance of any kind.
But the key factor is that everyone involved must be able to completely trust the core data. This is exactly where UBIRCH with its cryptography and block chain technology comes in. UBIRCH can secure IoT sensors and device data in such a way that insurance companies can rely completely on the data generated by the insured risks. Even if the insurer is not directly connected to the insured object’ IT and the sealed data still reaches the insurer's IT indirectly via insecure channels.
When insured objects are equipped with IoT sensors or controlled using IoT signals, risks can be better assessed if the IoT data are included in the analysis. A production plant that automatically issues a warning signal in the event of a malfunction is less of a risk than a plant in which damage is the first sign of trouble. Likewise, a wind turbine equipped with Al sensor technology permanently monitoring its vibration data offers a lower risk of failure than one without it. UBIRCH makes all this sensor data trustworthy and, as a result, viable for insurance companies.
Should a claim be made, data-supported claims management improves things considerably since damage is quickly detected and assessed automatically. Ideally, a fully automatic settlement can be made in the same way that a winegrower receives a settlement notification from the insurer when notice of frost damage is given, for example. Similarly, in the event of a critical business interruption, a manufacturing company could secure a compensation payment just a few minutes later since the IoT infrastructure enables the insurance company to automatically detect and assess the damage. UBIRCH protects all the data reliably and enables high level of automation.
Reliable sensor data from an insured object facilitates the automatic detection of fraudulent activities. If, for example, a cold chain sensor shows an unnatural temperature rise pattern, by comparing it to similar patterns it is possible to automatically determine whether the cooling process was interrupted by accident or deliberately. UBIRCH documents this data in an unalterable and legally binding way.
According to the German Insurance Association (GVD), in 2018 insurance losses on non-private property insurance amounted to over € 7.5 billion in Germany alone. Plus, the trend is growing. With trustworthy IoT data, losses can often be detected before they occur and avoided using targeted intervention. Modern insurance companies have recognised this trend and no longer see themselves as mere insurance claim regulators. The trustworthiness of the data is the key here. And UBIRCH technology is the solution.
You recognize digital transformation’s potential and would like to know how trustworthy data can benefit your company? We have got some answers for you.Make an appointment
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Insurers need to pay more attention to the fact that the Internet of Things also opens up new opportunities for assessing and covering risks.
UBIRCH has developed an innovative approach to generate extremely trustworthy data.
Parametric assurances will become increasingly important in the future – but we also need solutions to obtain reliable IoT sensor data.
UBIRCH uses the intelligent application of blockchain technology to provide an exciting solution.