Pervasive computing
It is difficult to think of any normal daily or commercial activity that will not be affected by pervasive computing. Insurance is no exception.
Pervasive computing uses information and communication technologies to interconnect the physical and digital worlds. Computer chips are becoming smaller and cheaper, making them suitable for embedding in everyday objects; they can also communicate with each other via the airwaves. Equipped with RFID tags (radio frequency identification), computerised objects can then process and share information via computer networks, such as the internet.
This enables computers to work and make decisions on their own, which opens up a whole new range of potential applications, not to mention new opportunities and risks for underwriters. Indeed, pervasive computing will change the nature of traditional insurance cover.
It is in the insurance industry’s interest to address this new technology as a matter of urgency, to exploit the benefits of pervasive computing, foresee any potential hazards and initiate appropriate risk mitigation measures.
This Swiss Re publication in the Risk perception series examines the ways and means re/insurers will have at their disposal to make the most of this opportunity. Drawing on applications from different industries, the publication defines the nature of pervasive computing and explains how it could be implemented. The authors focus on the potential and risks for the re/insurance industry, noting that from the current perspective, it is readily clear the insurance world will change with the introduction of pervasive computing. It is not a matter of if; the only question is how.
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