International IT service provider Avenga and IoT security technology specialist Ubirch, recently announced a collaboration to combine their know-how in a strategic partnership to create a solution for secure IoT data that is particularly suitable for the insurance industry.
In the future, insurance companies will be able to connect their legacy systems to Ubirch’s IoT blockchain technology and – based on that – offer their customers new products. Through this cooperation, the two companies are creating the basis for new solutions and products for their customers.
IoT is one of the biggest trends for up and coming parametric insurance and for improving the claims management process. In addition, connecting IoT components to existing IT systems of insurance companies is still a major problem in everyday life. With the integration of Ubirch into Avenga’s API gateway couper.io, data from IoT sensors – e.g. in containers, in machines/vehicles or in buildings – can, in the future, be easily connected to existing systems.
“Digitization and IoT have created high pressure for change across all industries. The benefits of new technologies outweigh the costs of successfully working on product and process improvements. In our view, a secure IoT infrastructure will ensure optimized and digital claims processes and the introduction of parametric insurance in the Industry 4.0 environment. The use of sensor data will significantly increase the efficiency of processes that are still often manual today.”
– Stephan Noller, CEO of Ubirch
Ubirch technology ensures that the sensor data is digitally sealed directly at the time of acquisition. As soon as the IoT data arrives in couper.io, it is verified there using its digital signature and forwarded to the insurance backend. In the prototypical case, a completely digitized claims processing is then carried out. For example, an automatic indemnification bank wire to the claimant can be carried out.
“In environments with historically grown IT landscapes, the implementation of complex technology projects often takes a long time. Time that the increasing pressure to change does not allow. With our technology, we bundle the interfaces of different systems and significantly reduce the effort for the integration of new solutions and data sources into existing infrastructures. This gives insurers the technical flexibility they so urgently need to automate their processes and develop customer-specific offerings.”
– Jan Webering, CEO of Avenga
The increasing availability of more sensor data opens up promising opportunities for claims management and loss prevention. And also for new parametric insurance products. In order to transfer this potential into daily practice, it is essential that the parties involved can trust the underlying data. This is exactly where Ubirch and Avenga create a joint solution to provide processes with the highest degree of trust from the very beginning and to make integration into existing systems simple and fast.