A fourth industrial revolution is upon us. That was the view from Davos where the World Economic Forum held its annual gathering recently. Following mechanics, electricity and electronics, we’re now starting to see technology blur the lines between the physical, digital and biological. It has the potential to fundamentally change the way we live.
The Internet of Things (IoT) may be the keystone of this new era, but advances in robotics, artificial intelligence, nanotechnology and more show the speed and scope of these changes, setting them apart from anything that has come before.
Utopia or dystopia?
There’s an argument that automation could reduce low-skill, low-pay jobs, but as previous revolutions have shown, humanity has a wonderful ability to adapt to new circumstances. Similarly, it can be argued that reducing bumps in the supply chain will help to cut costs for producers and prices for consumers.
On the supply side of the relationship, technologies such as usage-based insurance (UBI) enhance existing digital capabilities, with data and analytics playing key roles in safety, maintenance and consumer engagement.
These changes need to be made as the fourth industrial revolution is also altering consumer behavior, creating a greater sense of a social community, and a desire for personalization and transparency from the companies they acquire goods and services from.
Change is coming
The largest question mark in the fourth industrial revolution is the timescale. Is it already happening? Or are the rafts of breakthroughs we regularly witness merely the prelude to a full-blown symphony in years to come?
In either instance, it isn’t too late to be an early adopter and reap the benefits of being one of the first to market, by partnering with a company that’s ready to fully embrace the power and opportunity of the IoT.
Partnering with telematics service providers like Hubio will allow insurers and automotive firms to go fully digital, and access the kinds of data and analytics that will help personalize market offerings by basing them on actual consumer behavior, rather than broad personas.
The increase in touchpoints works both ways, with end users appreciating the transparency of shared insights and feeling more engaged with their usage-based insurance provider, rather than just communicating with them when required.
A revolution is coming and it will be televised… and tweeted, streamed and shared across the Internet of Things – it’s time to be a part of it.