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Smart Cities & Smart Choices for Insurers

New SMA Blog by Mark Breading, Partner, Strategy Meets Action

Boston, MA (Sept. 8, 2017) – It seems as if everything in the world is becoming “smart” – with intelligent devices and artificial intelligence automating activities and providing new capabilities. There are thousands of examples of “things” that contain embedded sensors or chips that generate information and enable control through apps or automated actions. These come together as part of the Internet of Things (IoT) in various ecosystems – such as smart homes, connected cars, smart farms, and many others.

One of the most significant new ecosystems developing has to do with smart cities. The concept of smart cities is gaining momentum, and many cities around the world are developing smart city strategies and implementing specific projects. In fact, it is becoming evident that smart cities are catalysts for the movement to a connected world.

SMA’s recent research report, Smart Cities and Insurance: Exploring the Implications, provides a definition for a smart city. It also profiles leading smart cities around the world, identifies specific benefits and projects underway, discusses how each insurance line of business will be affected, and identifies insurers that are already involved in smart city initiatives. Since the concept means different things to different people, SMA has developed a broad definition:

“A smart city is one that is proactively leveraging connected world technologies to gather, analyze, and act upon real-time data to improve the lives of citizens; enhance mobility; create safer environments; optimize energy consumption and waste management; and contribute to the urban center of the future.”

Read more.

Figure 1: Key Areas of Smart City Benefits

Key Areas of Smart City Benefits (Strategy Meets Action)

Key Areas of Smart City Benefits (Strategy Meets Action)

About SMA

Exclusively serving the insurance industry, Strategy Meets Action (SMA) is an advisory services firm offering retainers, research, consulting, events, and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com.

SOURCE: Strategy Meets Action (SMA)

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