Farmers Insurance CIO Ron Guerrier has said the company will look to test Internet of Things technologies to get better insight into motor vehicle damage, as well as use drones to detect wildfire hazards.
In an interview with CIO.com, Guerrier, who recently joined the firm from Toyota, outlined how emerging technologies could help the firm to get better insight into claims – with several of his team attending this week’s CES 2016 exhibition to learn more about IoT tools.
On IoT, he said that the firm could look to deploy solutions to automate the claims management process. For example, if a sensored car is hit whilst the owner isn’t present, the owner could be notified with a smartphone alert and an offer to contact a Farmers Insurance claims representative.
Guerrier said: “Emerging technologies is definitely top of mind for this organization […] We’re looking at where technology can extend our view and better inform the customer”.
Guerrier said that he likes working with cloud providers who know the insurance industry’s regulatory requirements and offer technology that is 80 percent immediately ready for use, and 20 percent with Farmers ‘special sauce’ containing technology modifications. Cloud technology is being looked at by the firm, as well as a possible cloud-based email software which would better support smartphone and tablet access compared to its current system.
He also said Farmers’ IT may help formalise informal innovation projects, which would put Farmers in league with Progressive and their ‘business innovation garage’. Farmers is currently assessing how to use drones to check brush is cleared in neighbourhoods susceptible to wildfires.
You can hear more about how IoT affects claims management and other topics at the Internet of Insurance conference, which features high-level speakers at AXA, Allianz, Google, Marsh, RSA, Swiss Re Zurich and many more.