Sean Ringsted, Chief Digital Officer, Chubb; Prevent & Predict - IOT Success Stories (83)

InsTech - insurance & innovation with Matthew Grant

InsTech

Entrepreneurship, Investing, Business

4.8 • 50 Ratings

🗓️ 17 May 2020

⏱️ 30 minutes

🔗️ Recording | iTunes | RSS

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Summary

The potential for sensors, data and IOT (Internet of Things) to dramatically improve risk reduction has been known for many years. Telematics are now widely used for motor insurance, but some insurers still struggle to find ways to effectively partner with their clients to integrate the use of IOT into their overall offering. Sean Ringsted is chief digital officer at global insurer Chubb. He's also the company's chief risk officer and was formerly chief actuary, sitting on the company's executive committee. He is one of the best-placed people in the industry to both know, and influence, the use of IOT, and he's a big supporter of the "prevent and predict" approach to insurance. When we spoke to Sean for episode 35 in July last year he spoke enthusiastically about the use of sensors and IOT, and referenced some of the companies Chubb was working with. For this episode Matthew Grant and Sean talk specifically about examples of how Chubb is supporting its clients with IOT solutions that are providing benefits for their clients and for Chubb. They also discuss what can be done today, and what the opportunities are further into the future. Topics include: Why IOT offers so much more than just risk pricing Recovery of multi-millions of dollars of stolen computers through the use of tracking sensors The prevention of major water damage to a college through early intervention Working with brokers to support the client Real-time exposure measurement Who should pay The opportunities and challenges of wearables A summary and transcript of this discussion is available on request Find out what we are up to at Instech London at www.instech.london Sign up to our newsletter for a fresh view on the world every Wednesday morning Continuing Professional Development - Learning Objectives InsTech London is accredited by The Chartered Insurance Institute (CII). By listening to an InsTech London podcast, or reading the accompanying transcript, you can claim up to 0.5 CPD hours towards the CII member CPD scheme. Complete the InsTech London Podcast Feedback Survey to claim your CPD time.

Transcript

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0:00.0	If you can predict and prevent as opposed to repair and replace, it is so much a better outcome.
0:07.0	Hello, Matthew Grant here. Well, we may not be able to easily travel around the world just now, at least in today's interconnected working lives, there's not much stopping us talking to people wherever they are. And of course, with over 50% of our listeners being outside of the UK, there's a good chance that you yourself are listening to us from the Americas, Europe, Australasia or Africa.
0:43.6	Bad luck, though, if you are in South Africa because the government there has banned the sale of alcohol.
0:48.9	Craig, I hope you've survived your home-brewed cider.
0:52.3	But this week, we are in Bermuda, so to speak, catching up again with
0:55.7	Sean Ringstead on a topic that we're following very carefully at INSTKLondon, IOT4 Insurance.
1:10.0	Sean, it's fantastic to get you back on this Instead London podcast.
1:14.1	We last had you on episode 35.
1:16.8	I'm afraid you're no longer the most popular download,
1:19.2	but you're still doing very well.
1:20.8	You're at number two and still getting downloaded,
1:24.5	and this is your chance to get back into number one.
1:27.3	But as we're talking, you are lockdown in Bermuda, and when we're together, and still getting downloaded and this is your chance to get back into number one.
1:31.7	But as we're talking, you are you are lockdown in Bermuda and when we were together about 80 months ago, you're very proud of you're doing your 10,000 steps a day.
1:37.2	How are you coping with being in Bermuda during the lockdown?
1:39.6	And in particular, how many times do you get around the island if you've got to do 10,000
1:43.6	steps every day?
1:45.0	Well, it's good to talk to you.
1:47.0	And yes, we all have our individual experiences in this moment, but I mean, it's remarkable, right?
1:54.0	Where it unites us all in terms of how we're getting through it.
1:58.0	My 10,000 steps, I describe them as peaking on a run and then plateauing to zero
2:04.9	because most of the time seems to be spent on conference calls and in video working.
	...

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