Celent describes the concerns and capabilities related to embedding the Internet of Things into an insurer’s architecture
Key research questions:
- How should insurers incorporate streams of data from sensors into their architectures?
- What are the key touch points between the classic architecture and anything new that is required?
- What new capabilities might this architecture yield?
New York, NY (Aug. 8, 2016) – Central to the approach is keeping the existing stack of technologies and components that enable the insurer to operate their core business: quote, bind, endorsements, claims, etc. Adjacent to this is a distinct architecture designed to capture and analyse high velocity data.
This architecture enables a mix of real-time and ad hoc analytics to be performed on these data sets. The magic, then, is in the glue between these two architectures, something like the right and left brain of the new insurer.
“In this report, Celent distinguishes three architectures: the classic core system architecture, the sensing architecture to capture sensor data, and the response architecture to communicate with customers,” says Craig Beattie, senior analyst in Celent’s Insurance practice and author of the report.
This report examines how to join these architectures and provides a logical view of the relationship between them.
The Sensing Architecture
Click here for the table of contents or to purchase the report from Celent.
About Celent
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies (NYSE: MMC).
Source: Celent
