Operationalizing of Internet of Things

IoTA (Internet of Things Analyzer) is a software solution that gives insurers more control over their policyholders' behavioral data. As usage-based insurance (UBI) grows in popularity, consumers want more control over their own risks and adopt different types of technology to share their behaviors with their insurers. IoTA allows insurers to fully engage with transformative technologies and bundle existing insurance products with Internet of Things by tailoring scoring models to their individual policyholders, making the calculation of their scores completely transparent.Harnessing new and existing hardware to gather behavioral data from policyholders, lets insurers paint accurate pictures of the ways in which policyholders conduct their day-to-day lives. It also lets insurers offer their policyholders products that match their risk profiles.With IoTA insurers can be prepared to develop their own IoT-portfolio for all lines of business. IoTA puts the insurer in control, allowing actuaries and underwriters to develop, test and implement their own custom scoring models.

The recorded and enriched data is saved in the form of GPS points and provided to the user as a basis for Model Creation. Different pieces of information are provided for each GPS point (speed, type of the road used, etc.) and these are called Resources. These are raw data and cannot be modified by the user. As the Resources are often not directly suitable in their raw form for every model design, there is an option of adjusting them to the specific needs by creating new Elements. Elements define the transformation of parent Resource or Element data. As an Element can be created using another Element as a parent, almost any information can be extracted from the Resources. The transformation can take several forms such as categorisation, grouping, combination, application of a function, etc.

Resources can contain several types of data values: integer numbers, real numbers, Boolean values, texts, timestamps or levels (categorical). Not all transformations can be applied to all types. Both Elements and Resources can be parents of a new Element. The Scoring Engine will always propose only the Resources or Elements returning the type which is compatible with the action you want to perform. The following Elements (transformations) are available to the users for obtaining the preferred type of data: - Derived Elements - Categorical Elements - Combined Elements