A great initiative from Marsh!
My concern is that insurers are simply not gearing up to cope with the data that they will need to respond to.
Data they could receive in real time from this kind of scenario could allow them to provide dynamic risk management services (Risk Management as a Service or RMaaS). This must be addressed using AI capabilities or an "Always on Brain" - you simply can't afford to employ thousands of people to analyse and manage this data.
Where are the insurers who are making significant investments in systems of Detection and Analysis which can deal with this kind of great initiative? Sadly, few and far between right now.
So, perhaps this is where insurtech companies will make their fortunes.
Wearables are among the innovations currently making their way through the pipeline at the newly launched Marsh Digital Labs. The San Francisco-based operation is bringing risk management and the insurance industry into the tech world by acting as an incubator for experimentation and innovation in emerging tech. The goal is to utilise cloud-based platforms to develop new, reusable, test-and-learn tools. “The labs include a machine-learning garage to create next-generation risk models, intelligent automation, and cognitive capabilities,” says Asha Vellaikal, a Silicon Valley stalwart who’s now heading up Marsh Digital Labs. “Workers’ compensation is a huge issue. There’s a lot of workers’ safety problems, especially in certain industries like manufacturing, where there’s a lot of repetitive motion,” says Vellaikal. “We’re working with an IoT smart belt start up to develop a product for proactive risk identification.”