Written by: LexisNexis Risk Solutions

In this video Bill Madison, CEO Insurance, LexisNexis Risk Solutions, takes a look into the connected world, to the Internet of Things (IoT), and why new types of data knowledge and data insight from smart devices are going to be so important for insurance.

Depending on which forecast you favour, the year 2020 is going to see an estimated 50 billion connected devices around the world, if we include smart property and smart home, connected car or connected industrial machines, and other personal devices, medical devices and security devices. It is a hyper-connected world that is approaching fast and from a data or connectivity point of view, the dynamics of the data output and data standards vary enormously.

This used to seem like a faraway goal, and yet suddenly it’s with us. Our goal at LexisNexis Risk Solutions is to transfer this intelligence into a data structure, normalizing data from different technologies, gathered from different sources, in a manner that can help insurers with their risk assessment.

LexisNexis Risk Solutions, a unit of RELX Group, is a global data technology and advanced analytics leader, with customers in over 100 countries worldwide.

Follow these links for information on our Connected Car Team, the Global Telematics Platform or the LexisNexis Risk Solutions website for US insurance or UK insurance or India insurance to find out more.

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