ITECH 1101: 5G Technology and Insurance Sector Analysis Presentation

This presentation analyzes the influence of 5G technology on the insurance sector. It begins with an overview of 5G technology, highlighting its high-speed capabilities and low latency, and then provides a brief overview of the insurance industry. The presentation then explores how 5G technology can benefit the insurance sector, including the provision of high-speed and reliable networks, support for real-time data analytics, and the integration of IoT technology. It also discusses the potential for insurance companies to collect data from IoT sensors in driverless cars, which can be used to settle insurance claims. Finally, the presentation addresses the ethical issues associated with the use of 5G technology in the insurance sector, particularly regarding the collection of personal information for customized insurance policies. The presentation is designed for ITECH 1101 and includes a discussion on how 5G can improve revenues, enhance data collection, and address ethical considerations. The presentation also includes a discussion of the integration of IoT with 5G technology to enhance services.

Video transcript:
So what is 5g technology
5G is the latest edition of cellular Technology it is an advancement over 4G Technology and
it is aimed at providing better network speed and faster data transmission. 5G Technology
offers higher bandwidth and low latency, which is required for faster and reliable data
transmission.
A brief overview of the insurance sector
Insurance industry consists of various companies that offer risk management strategies
through insurance contracts. A person might do insurance for various purposes related to an
event that might not be in control of the person doing that insurance. A bond is signed
between the insurance provider and consumer. . In terms of industry, insurance is considered
slow growing and safe sector for investors.
So how does 5g will influence this insurance sector
High-speed network of 5g technology will provide significant benefit in this industry
The introduction of 5G technology will help companies to have a high-speed reliable network
without huge investment, which will definitely improve revenues of these companies through
a reduction in the cost of network infrastructure development
Support for real-time data analytics is another significant benefit that this technology will
provide
5g network will support advanced data analytics, which is required for collecting data
regarding potential consumers and design insurance policy based on consumer profiles

An integration of 5g technology with IoT technology might bring some innovative services
for insurance providers
It will be easier for companies to collect data from different IoT sensor integrated with the
driverless car and it will be helpful to settle issues regarding insurance claim as data from IoT
sensors will be possible to collect in real time due to high-speed network of 5G along with
higher bandwidth and lower latency required for real-time data analysis
Does integration of 5g technology has ethical issues
For designing customized insurance policy based on consumer needs and demands, collecting
personal information is a violation of trust and honesty and therefore violating the ethical
code of conduct for individuals, professionals and business organizations