The solution has completely changed the technology

Running head: ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
Name of the Student
Name of the University
Author Note:

1ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
Part One – Research
Technology is considered to be as one of the largest investment for financial service
domain. It is found to be an important for the current business structure and core of many
customer services, innovation and risk management. Most of the financial institutes are looking
for technology that has strategy and investment for new trends (Balasubramanian, Libarikian &
McElhaney, 2018). It is actively building their overall over their business and technology for
disrupting the disruption. IoT has created a platform where insurance organization for analyzing
the risks in more precise way. Most of the auto-insurance tends to be depend on indicators like
age, address and driver for setting up premium.
Application of IoT (Internet of things) has helped the insurance organization to easily
interact with their customer in more frequent way. They aim to provide new kind of services
depending on data which is collected by them. In the insurance domain, customer is merely
engaged with various agent or broken and direct contact with the limited contract extension. In
addition, it helps in better handling of most of the insurance claims (Cao et al., 2016). IoT aims
to have huge number of benefits for customer relationship that will allow the organization to
have much more intensive and target customer contact.
The solution has completely changed the technology in more rapid way. With the
development of Google and Amazon a platform has been built for smart home offers on market.
The whole market has created a platform by facilitating proper connection with many devices.
Most of the insures around the globe has come up with co-operation model which is all about
integrate selling of products through Google nest (Chiang & Zhang, 2016). It aims to provide

2ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
discount to the people who have equipped their home with smart home devices. In addition,
these insurers have offered certain number of digital services for home and convenience services.
Part two- Brainstorming
 Internet of things is making its presence across the whole industries and insurance
organization are not considered to be different. IoT makes use of huge amount of data
flow and information from different devices for calculating the overall outcomes. Being a
home owner, it is natural for home for a person to opt for good home policy for
protecting his home from any kind of damage and calamities (Dorri et al., 2017). This
kind of thing can be avoided by the help of IoT. Most of the devices are powered by IoT
which are linked with satellites and different sensor. This can warn insurance policy
holders with respect to the issues before it stands to be big.
 Internet of things aim to have huge impact on the manufacturing industry. It mainly due
to the inter-reliability on various sensors, lines, processing units and building system
software. IoT is considered to be imperative for most of the manufacturing organization.
It merely helps in having a much better visibility for equipment performance and security
threats. By using this technology, plant environment can easily develop dashboard which
is needed for safety, efficiency and running assets (Kolias et al., 2017). IoT in
manufacturing industry aims to provide real-time visibility to most of the manufacturing
process.
 Internet of things (IoT) aims to generate huge amount of data which comprises of
machine learning capabilities that is introduced in the IoT based solution. With the
passage of time, the number of devices so there is increase in volume of overall data. This
merely help the invaluable data which will help the system in understanding the different

3ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
in between working and not working. The data volume goes beyond the human
capabilities which is required for analytics (Manral, 2015). So as a result, machine
learning will be required for returning value from IoT based solution.
 Having conversation with devices in not a new thing for different human being. Most of
the smartphones come up with digital assistance that have been around. Smartphones
come up with digital assistance which are all around. Amazon echo has already pioneered
in the home digital assistance space. IoT devices are considered to be beneficial in case of
emergency for senior homes (Rabah, 2018). NLP comes up with capabilities along with
sensor that will help in preventing any kind of digital emergency by analyzing processing
and altering appropriate help.
Part three- Regulation and Ethics
Market: As IoT is a growing technology so there are huge number of challenges with
respect to implementation. IoT ecosystem aims to encounter huge number of cyber-attacks that
requires involvement of various devices and protocol. IoT-based solution is considered to be
effective for large volume of data in between the entities for network (Radanliev et al., 2019).
There is need of large investment for securing IoT generated data. It is merely required for data
misuse for any fraudulent activities.
Law: UK government has come up with new kind of announced plans for new IoT based
security laws. It is generally required for manufactures for providing restriction to connected
devices. The plan has come up with new kind of law which requires three key security needs for
IoT devices. The devices should come up with a unique password which cannot be reset to
universal factory setting.

4ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
Architecture: There are mainly four stages for IoT architecture diagram that sensor and
actuators, internet gateway and data acquisition system, edgeIT and data center and cloud. The
biggest plus point of using sensor is all about changing obtained information in outer data that is
required for analysis (Radanliev et al., 2018). Four stages of IoT architecture framework will
help in getting information for appearance which can be processed. IoT architecture aims to
work with close proximity sensor with sensor and actuators. Here internet gateways and data
acquisition can also come into picture.
Norms: Network communication is found to be core of the IoT. It is all about
understanding the devices with each other for centralized server. The standard aims to play close
attention so that they can deal with the communication in most basic level. When most the
consumer are looking for IoT standard for devices, they can easily buy where vendor will
perform most of the operation n. Device manufacturer will have a proper control over the
standard even though they are working with various organization.
Part four – Disruption
Proper training and development for the implementation of IoT in insurance Industry is
based on gathered feedback from different users. A proper discussion has been provided like
Events: Having feedback from people with respect to the growing issues in Insurance
Industry.
Activities: There is need of analyzing the executives with respect to the benefits of IoT.
There is need of collecting report with respect to the growing issues that is being encountered in
Insurance Industry.
Decision Point: Will IoT can bring huge number of benefits in Insurance Industry.

5ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
Actors: Various executives of Insurance Industry, Trainer for this technology.
Outcomes: There is need of IoT which requires to be completely understood by
Insurance Industry.
The most important aspect is collecting an overview with respect to the requirement of
IoT in Insurance Industry. This particular technology will help the Insurance Industry to grow at
a rapid rate and along with this it will have huge number of benefits. The main idea is all about
bringing huge number of benefits in Insurance Industry. The diagram given below will highlight
the AS-IS process that is provided below. Currently, huge amount of data is being collected for
the implementation of IoT in insurance Industry.

6ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
Fig 1: As-IS Model
(Source: Created by Author)
Events: There is need for gathering feedback from various executives of Insurance
Industry.
Activities: There is need of data filtering and having data which is required for only
training purpose.
Decision Point: Having a proper training session for the executives, review of collected
data

7ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
Actors: Executive of Insurance Industry.
Outcomes: An analysis is done with respect to the need of IoT by the executives of
Insurance Industry.
In the diagram given, below, the to-be model of IoT technology implementation in
Insurance Industry has been provided below. Implementation of IoT technology help in
encountering different kind of growing issues in the Insurance Industry. The first step is all about
collecting data with respect to feedback from various executives of Insurance Industry. IoT will
ultimately help in connecting different kind of growing technologies like artificial Intelligence,
blockchain and natural language processing.

8ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
Fig 2: To- Be Model
(Source: Created by Author)

9ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
Transcript
Good morning my friends. This is [Name of the Student] and today I am going a
presentation on the impact of IoT on insurance Industry.
IoT is a fast growing reality in the whole insurance Industry. With increase in the number
of number of Insurance providers. There has been growing a process of developing IoT based
solution which is found to be core of any business domain. The overall scope of IoT insurance is
growing just beyond the connecting devices. The best solution is all about having real-time data
which makes it easily available on cloud for running advanced analytics. It aims to provide the
right customer and dashboards for stakeholders.
With the development of IoT, there has been increase in risk for data loss which result in
increase in liabilities. Cyber-insurance policies aim to provide coverage for data and loss in
liability. There is huge amount of cost involved on data breaches that focus on cyber-insurance
products. This ultimately result in increase in overall revenue for this kind of policies.
IoT is trying to shape each and every aspect to human life and this has led to increase in
risk for cyber-attacks for these devices. There is need of providing a proper coverage against
these kind of risk which will be loss for insurance carriers.
IoT-based solution will help in altering the various kind of associated risk with the
customers. It is all about making use of insurance industry so that assure the risk prior to time. It
will merely have an impact on global market and any kind of chances of error will be reduced
consequently.

10ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
With increase in inclination of consumer towards the IoT based devices can easily result
in more kind of security risk for them. As IoT is evolving at rapid rate it will have big issue for
the regulators so that it can cope with the design of new products. Insurers are focusing on
financial risk which is related to the use of IoT. So, as a result it will have an impact on the IoT
security through underwriting.
For building IoT in the DNA of devices both vendors and manufacturers can be
motivated for having IoT certification. It is completely related to the industry based certification.
Investment will be done minimum cost training and certification along with proper standard for
the certification for it.
So, the point can be concluded that IoT based solution has seen huge amount of
development in the human life. The impact is of two type that is positive and negative.
Considering the positive aspect, IoT aims to provide data in real-time which is useful source of
information for insurer. It will help in taking any kind of preventive action which reduce the
overall loss. IoT can prevent any kind of financial and physical risk along with devices that are
connected to internet.

11ITECH 1100 UNDERSTANDING THE DIGITAL REVOLUTION
References
Balasubramanian, R., Libarikian, A., & McElhaney, D. (2018). Insurance 2030—The impact of
AI on the future of insurance. McKinsey & Company, New York, NY, USA, Apr.
Cao, T. D., Hoang, H. H., Huynh, H. X., Nguyen, B. M., Pham, T. V., Tran-Minh, Q., ... &
Truong, H. L. (2016). Iot services for solving critical problems in vietnam: A research
landscape and directions. IEEE Internet Computing, 20(5), 76-81.
Chiang, M., & Zhang, T. (2016). Fog and IoT: An overview of research opportunities. IEEE
Internet of Things Journal, 3(6), 854-864.
Dorri, A., Kanhere, S. S., Jurdak, R., & Gauravaram, P. (2017, March). Blockchain for IoT
security and privacy: The case study of a smart home. In 2017 IEEE international
conference on pervasive computing and communications workshops (PerCom
workshops) (pp. 618-623). IEEE.
Kolias, C., Kambourakis, G., Stavrou, A., & Voas, J. (2017). DDoS in the IoT: Mirai and other
botnets. Computer, 50(7), 80-84.
Manral, J. (2015). IoT enabled Insurance Ecosystem-Possibilities Challenges and Risks. arXiv
preprint arXiv:1510.03146.
Rabah, K. (2018). Convergence of AI, IoT, big data and blockchain: a review. The Lake Institute
Journal, 1(1), 1-18.
Radanliev, P., De Roure, D. C., Maple, C., Nurse, J. R., Nicolescu, R., & Ani, U. (2019). Cyber
Risk in IoT Systems.

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Radanliev, P., De Roure, D., Cannady, S., Mantilla Montalvo, R., Nicolescu, R., & Huth, M.
(2018). Analysing IoT cyber risk for estimating IoT cyber insurance. In Living in the
Internet of Things: Cybersecurity of the IoT-2018. IET Conference Proceedings. London:
The Institution of Engineering and Technology.