In our ever more interconnected world—from vehicles to manufacturers to health care to the power grid—solutions to avoid risk are becoming more common.

Executive Summary

Risk prevention has been a key pillar of Tokio Marine Group's global strategy for years, with many of its local insurance entities around the world marrying real-time risk mitigation solutions and behavioral change programs to their insurance products. Just one example is TMNF's Drive Agent service, providing in-vehicle alerts to over one million drivers who are distracted, sleepy or in danger of crashing and resulting in a 13 percent drop in claims frequency.

Here, TMNA EVP Robert Pick and CM Guest Editor Matteo Carbone also review the claims management benefits of Drive Agent, and other IoT-based services developed by Tokio Marine operations like Philadelphia Insurance and PURE in the U.S., targeting risk prevention for commercial and personal property policyholders in addition to drivers of individual cars and fleets.

Our automobiles have evolved into veritable iPads on wheels, maintaining constant connectivity with their manufacturers. In the realm of business, access and building management have transitioned to sensor-driven automation systems.

Solutions are structured around sensors gathering data and wireless connectivity transmitting this information to the cloud. Here, automated systems process and add enriched data and intelligence, driving real-time informed decision-making and subsequently triggering actions. These actions can be executed by physical devices or, alternately, by humans alerted by the systems.

We may not even realize how much the Internet of Things (IoT) paradigm has changed our lives in the past few decades. The insurance industry has also significantly invested in this paradigm. Let’s think about using connected data for pricing in personal auto (the well-known UBI insurance) or creating parametric flood insurance coverage based on a device measuring the water level in a location. However, one of the most relevant opportunities for our sector has been using IoT-based solutions to prevent and mitigate risks.

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