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IOT Trends for 2018

 

We spoke with a number of IT leaders and industry experts about what to expect from IoT in the coming year and what could be the latest trends for IOT which will dominate 2018.

Following are the Internet of things trends to watch out for in 2018.

1.The IOT industry will bring a changed awareness around security and risk:

Security concerns will be high on the list. We have reached a point in the evolution of IoT when we need to re-think the types of security we are putting in place. Have we truly addressed the unique security challenges of IoT, or have we just patched existing security models into IoT with the hope that it is sufficient?

IOT presents a different kind of risk. Businesses need to understand that sensors and machine-to-machine communications are also stored in the cloud. In particular, facilities implementing devices connected to the IoT need to think about communication and the security protocols between devices: sensor-to-sensor communication, sensor-to-gateway communication, and updating and maintaining all on-premise equipment to better secure their data.

Tom Smith is a research analyst for DZone.com and he queried these IT professionals to get their insights on predictions for 2018. Here’s what IOT experts shared their thoughts on IoT trends for 2018.

IoT security will continue to dominate as a major concern, and I would expect the rise of several IoT-driven platforms to rise to the surface in an attempt to address and manage this. Says Lucas Vogel, Founder, Endpoint Systems

My hope is that there will be some adopted regulations around IoT security and compliance, otherwise, there will undoubtedly be more frequent and massive attacks. The fully-connected home will move closer to being a reality, and there will be unique solutions that address actual needs instead of just being “internet-connected”. Says Mike Kail, CTO, CYBRIC

2. Businesses will need to embrace the implementation of edge and cloud computing: 

Edge computing, also known as fog computing, will continue to rise. The ability to run software at the edge is turning out to be one of the most promising accelerators of IoT adoption, given the cost savings and the ability to quickly achieve largescale systems.

3. Connectivity Management: 

Another exciting new area involves the management of whole IoT systems or solutions. Device management and connectivity management has been around for several years already, but now that the pieces of IoT systems are coming together to form whole enterprise-scale solutions, management of these solutions has become higher up on the “tech wish list” for organizations.

4. IOT vs IIOT:

In addition, the separation between consumer IoT and Industrial IoT is becoming clearer all the time. One key distinction that is now apparent is that consumer IoT can often focus on greenfield installations but IIoT must enable brownfield installations. The investments in systems and equipment that were made by industrial firms over the last decades will continue to be in place and will need to be incorporated into IIoT solutions.

We’re seeing a trend towards a lot more IIoT use cases. As we move into 2018, we will see a much higher adoption of industrial IoT where sensors are making a big impact in the manufacturing, automotive, aerospace and engineering sectors. Other areas where we expect greater uptake of IoT systems include shipping, retail, agriculture, and healthcare. This expansion will trigger a need to hire many more IoT professionals and will likely see the rise of many new types of IoT specific roles within companies.

Many verticals still have business operations that involve manual observation of equipment status, inventory levels, and other key metrics. Where there is currently manual observation, there may be a great opportunity for a high-ROI project involving IoT. Some verticals that have a lot of manual observations are Oil & Gas, Energy Distribution, Supply Chain, and Telecommunications. The repeating theme is high-value infrastructure that is spread out geographically.

Thanks Kilton Hopkins, IoT Program Director forNortheastern University-Silicon Valley and the CEO of IOTRACKS, for providing your inputs to this article.

 

 

How drones are helping the Insurance Sector

The Internet of Things is an area of InsurTech that is driving innovation, primarily with telemetry and wearables for auto, health and home insurance. Carriers are eager to capitalize for lower premiums and more personalized policies for customers.

The number of internet-connected devices and sensors is projected to reach 50 billion by 2020, which will have a significant impact on the availability of real-time information that insurers can use for better pricing/underwriting.

Lately, Drones are playing the important role when it comes to the insurance sector. For example, hurricanes Harvey and Irma, drones were flying overhead and capture the images to speed up the insurance process.

Drones are the state-of-the-art equipment which saves money, saves the homeowner, and just looks so much more professional. How can a drone inspection help you when you have roof damage?

Vince Lefton, CEO and Co-Founder at bulldogadjusters curated a list of the top five ways how drones are helping the insurance industry in roof and house damage.

1. Safety: Your roof damage will be safer for your public adjuster and your insurance adjuster. One of the most dangerous parts of the job is going up onto high areas and sites like roofs.

2. Faster: A roof damage inspection that normally takes close to forty-five minutes or more now takes only about ten minutes using aerial equipment.
3. Cost Reduction and accurate settlements: Investing in a drone is often cheaper in the long run than the use of personnel to climb onto the roof. Speaking from the perspective of the businesses insurance policy, it is also much cheaper to not have employees going up onto the roof when roof damage is present. As you can imagine, insurance premiums are cut in half when a drone is used instead of an employee. The cost per inspection decreases and the time it takes to complete an inspection with more quality data on the roof damage is also lessened. In-depth, zoomed in, and birds-eye view roof photographs can be taken that leads to more accurate settlements.
4. Professionalism: Using drones is more professional than using human capital to inspect potentially dangerous roof damage. Given the benefits above, drones differentiate the public adjuster from competitors. Homeowners are impressed when a public adjuster is aware of the safety concerns and technological benefits that behoove the final outcome of the homeowner’s roof damage.
5. Steep Roofs: Where many public adjusters and insurance adjusters will not go, but drones can. Imagine extremely steep roofs. While heavy winds and torrential rain cause roof damage, inspections are difficult and dangerous to perform with the traditional methods. Drones can easily perform these types of inspections and in a third of the time that insurance adjusters and other public adjusters take.

Today, we live in an era of rapid technological revolution which is changing the way insurers prepare for. Drones are one of the many new tools with which Insurance sector can be transformed and plays an important part to save money and lives.

 

Latest Trends in Insurance Technology

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Today, the insurance industry is at a digital transformative phase to enhance the business models. There are few key areas we can expect insurers to embrace as they seek to create more automated, user-friendly processes in Insurance sector.

Use of automations and artificial intelligence  

Insurance industry is shifting towards exploring automation of more complex and risky processes rather using of traditional method, which is less effective in case of time and accuracy. Using of emerging technologies like Artificial Intelligence and Machine learning provide the scope of intelligent automation for analysis of huge amount of data generated by IoT and smart wearables devices. These Analysis and cross checking of data help understanding the better customer insights, fraud detections, claims verification and processing.

With the more refined automated technologies and capability of analysing more data, insurance companies like AIG started employing smart drone for automated property assessment and claims processing, which not only helps in accurate assessment but reduces the operational cost also.

Redefining of Insurance distributions

For better user experience, insurers have already generalized the new channel of distribution such as online research, comparison platforms and chatbot for better interaction and understanding, which already impacted in the market of personal insurances. The new direct distribution channels and online comparison platform for direct small insurances are likely to be more effective in coming days.

Companies like Allstate is already allowing small business owner to buy policies in just five minutes, or P2P platform like Gather giving the opportunity to small business owner to self insure and coverage is offered through a captive which is owned by the businesses it insures.Thus offering greater transparency and reducing cost in policies for these type of enterprise.

Insurance through value chain disaggregation

As the market is growing, the specialization in sectors is becoming more popular. As insurers move into advanced and extreme digital stages there is more use of data, automation, connectivity, ecosystem integration, new development methodologies, and a smarter use of IT resources. Some of these companies are providing customer interface with a unique value propositions, some companies provides tools for specialized software solutions for the insurers.

Companies like PolicyBazar provides insurance comparison and gives customized suggestions and recommendations based on the customer needs and choices, using their artificial intelligence.

Data analytics to improve profitability and better customer experience

The exponentially greater data availability and better analytical capability of softwares provide the base of making decision. Cross checking and analysing on the large amount of data coming from various unstructured resources such as social media real time data through various connected devices, helps in better risk management to drive greater profitability as well as better customer experience. Applying a combination of techniques such as predictive modeling, text mining, databases searches and exception reporting, insures are able to understand better customer insight, fraud analytics which help them in making insight driven strategies and risk mitigation strategies.

Sensors, Detectors, and Telematics  for building data

IoT or internet of things refers to the physical objects that are embedded with sensors, which gather information about specific objects and transmit it. These transmitted data are then analyzed as discussed earlier.

In insurances, using of IoT technologies is becoming more popular. In case of home insurances, smart homes is one of the fastest growing segment. Insurances companies are giving more discount on policies for an internet connected Home/Smart home.

Various wearable devices are also in demand as it enables life and health insurers to better engage with customers while obtaining real time insight into risk. Aditya Birla Health  Insurance is offering their policyholders health benefits and rewards for connecting their approved apps and wearable devices to their health app so they can track one’s activity.

Property and casualty insurance companies like AIG , are going to use smart drone for better property assessment.

Blockchain Technology for fraud detection

In coming days Distributed Ledger Technology(DLT) or Blockchain Technology is going to be leveraged across all sector including Insurance for its revolutionary way of sending, receiving and storing information in a secure and decentralized way. Using of Blockchain technology in insurance will improve the quality of service, increase in the volume of data from new data sources, automate claims, also will reduce the operational costs. It has the potential to ease out fraud detection and risk prevention as per a report from EY.

Once insurance and blockchain technology are interconnected, key business process like policy management and claims management are likely to transformed and new business model are expected to emerge using Blockchain.

Augmented Reality/Virtual Reality in Insurance

Though Augmented Reality is leveraged by many other sectors, like in social media or in gaming and other sectors, insurance sector still is limited to areas like marketing or training by simplifying complex explanations, meant for customers and employees. How about a 3D modeling and simulations help customers in making insurance claims easier and faster? Or how about before you go for the home insurance a simulation helps you pinpoint all the areas under insurance rather than reading the lengthy document?

There are big challenges ahead for insurers. With more changing technologies, executives will need to carefully consider the opportunities.

 

 

 

IoT World is getting trendier and fashionable with these Latest trends

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Let your treadmill pass on the data to your wearable hand devices that could be read on your smart phone with visual and analytics. Or how about you casting your mobile to Office projector while all are having their evening snacks and enjoying live cricket?

Let’s see what are the latest trends in IOT.

Welcome to Connected World!

Research experts like Gartner Say 8.4 Billion Connected “Things” Will Be in Use in 2017, Up 31 Percent From 2016. On the other hand, firms like Intel predicts that there would 200 million connected devices by 2020. With such a rapid growth startups and big firms are keen in observing the space. So, here we bring on the latest trends shaping the world of IoT [ Internet of things].

An Increase in Miniscule Products

Products like sensors and cameras may be little in existence, but the power they hold makes them sustainable in the long run. Smart homes, Smart cars, climate control, home security are some of the aspects that need these sensors and devices. In future, we may see them as default items in IoT world, but for now, they are the stepping stone and would create an impact in IoT domain.

Evolution of IoT Squares 

A very peculiar case of IoT is that the Amazon Prime video cannot be cast via Google Chormecast, the user needs to purchase Amazon Firestick if he must enable casting. With such a wide range of hardware and software list, users can’t be loyal to just one firm. Hence the need for gateways that allow software’s, hardware, apps, devices of various vendors to connect, interact and communicate without the need to change it.

These markets would not only help the users but the firms who want to want to automate their legacy equipment. They could just tap into industrial drivers, hubs, data visualization, monitoring and data mapping modules and reap the benefits.

Let the Data Do the Talking

Big Data is not an emerging trend anymore, but a default technology adopted by most of the businesses. However using Big data with IoT cloud could help many firms in making an informed decision. Just for example an insurtech firm could gather the driving behavior and pattern of his customer using sensors and could design a customized policy that suits his needs.

IoT Analytics is an upcoming trend, and many of the start-ups are eager to provide the optimum solution to other businesses.

Integrate IoT with Machine Learning

Machine learning is another emerging trend that experts are confident would change the future. But its benefits could be manifold if it’s integrated with IoT. Mantra’s innovative solution XAVI is the best example here. Just imagine you entering the home after a long tiring day and wished someone could switch on your lights tv and air conditioner. XAVI is a genie that allows you to do so with your voice or through a mobile app. As you get comfortable on your sofa, you could issue a command to list all English movie to be aired in next 15 minutes, and in no time, you could have an exclusive list of it on your tv screen. For more features click here.

It would also help firms in gathering data of individual usage patterns and would assist them in building more cognitive technology.

Security the Major Opportunity

With every new technology first question posed is – Is it safe? While many people believe interconnection could make systems more vulnerable to attacks, the opportunists believe it as a space to explore and come with a more robust solution to keep devices and data protected.

 

 

XAVI : Your new smart home

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In this world of technologies you can imagine almost anything. Let’s take your home for example. After coming from your hectic day at work, home is the place where you want to spend your time in front of TV, watching your favourite channel peacefully without any distraction. On this very moment what if you need to move to switch on/off the light? Turn on the AC or check the time. What would you possibly think? Oh I wish i had a genie. Yes!! here is the genie to take away your pain and to make your life easy and simple.

Xavi is Mantra Labs’s proprietary software and hardware smart-home platform, letting you control many of your smart-home devices, including lights, TV, Air-conditioner and thermostats. It can be controlled not only via an app but also with your voice.

It is a device which makes for a much smarter TV viewing experience with the consumer querying the mobile app for things to watch or switch to a certain serial.

Currently, you can simply talk to Xavi via your app and ask it “Show me a list of English Action movies starting in next 15 minutes” and it will automatically list it down. Be it switching to your favorite show or watching yet another Friends rerun – just talk to the App and it will do the rest.

XAVI brings smart remote, smart bulb and smart clock for an automated home.

Xavi Remote: Xavi Remote can control TV’s, Air Conditioners and Bulbs for now. It gives you the three way pleasure that you might have only dreamt of, with a single gesture you can adjust your home’s temperature and switch off the lights to enjoy a peaceful movie. Yes! That’s how simple it becomes, when you have a Smart Remote.

Xavi Bulb: Xavi Bulb offers, dimming the light through buttons/sliders built within the application that controls it. Changing colors of the lights according to your mood is another thing a Smart Bulb is usually capable of.

Xavi Clock: Xavi clock could read your notification alerts and check other daily tasks. For example at evening, if you are coming from office, as soon as you are near your home- around 200-400 metres away, the clock would notify that your are about to reach home.

XAVI is in Prototype state however it won’t be long when it will be unleashed for consumers with an overall improved functionality.

Apart from these there are many other smart devices available in the market. See these 10 smart devices to make your home more smarter.

Distances don’t matter anymore. Learn how?

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Caring for our beloved ones has always been a priority, and in the world with new possibilities we can now say, there is a smarter way to do it. Think of it as a window into the lives of your loved ones, so that you can always look after them even when you are not physically there. Touchkin is an App based on the factor that we all care for the well being of our loved ones.

It implements various characteristics of AI and combines it with your Smartphone’s. The App uses various sensors built within your Smartphone’s to detect changes in daily activities that may indicate upcoming health issues. Touchkin has AI assistants like StayClose and Wysa which perform different role working towards the welfare of health related problems any individual might be facing.

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StayClose is based on Touchkin’s predictive care engine, which uses machine learning to detect patterns of phone sensor data it then analyses this data to create a picture of you and your loved one’s wellbeing. This way you can see when your loved one’s last left home, when they were active or spoke to someone. The App finds such patterns and alerts you if it notices sudden changes which may require you to visit them or maybe take them to a doctor if an illness may be the reason. Another feature it offers is that you can send a ride to anyone in your contacts with a pair of taps, in case you can’t make it.

Catering the needs of such a brilliant idea in the space of Family Healthcare is a rather laborious task. For the whole system to work efficiently the support and infrastructure has to be perfect and Mantra Labs plays a key role here. They have Incubated Touchkin and are dedicating various resources to help the App serve its consumers better. Mantra labs have been providing support in all areas from processing the information database collected via various sensors to applying the core technology like the AI based healthcare engine that drives Touchkin. It directly influences how well the App adapts to your individual needs and helps you stay closer to the most important people in your lives.

Technology has produced benefits when it comes to your health. Read here 8 Ways Technology Is Improving Your Health to know how technology is good for your health.

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