A Brief Interview With Pankaj Parashar of Purple Ant (Pankaj will be participating in the 2019 Internet of Insurance Conference in Austin, TX: 9/17-18)

This is the first in a series of brief interviews with speakers, presenters, moderators or panelists at the Internet of Insurance Conference to be held The Line Hotel, in Austin, TX on September 17th & 18th, 2019. You can register for the event here: https://ioi-usa.internetofbusiness.com/

 

What is your name and what do you do? 

I am Pankaj Parashar and I am co-founder of Purple Ant

Can you describe your role in the 2019 Internet of Insurance Conference? 

Evangelizing IoT for the personal/commercial segment. Will be curious to learn and keen to network with the fellow insurance community

What will attendees who attend your session learn? 

We believe that we are now ready for ‘IoT as a service’. Attendees would learn what are the elements at play for this to become real and also share the benefits in the short term and long term. I will share and do a deeper dive on what’s been holding the industry back – user Adoption, ROI, etc and how we can address them now using innovative approaches.  

Is the cyber threat for devices a major impediment to the implementation of this technology into insurance?

I think it certainly is one of the factors impacting the adoption of this technology. A bit of education for the homeowner may go a long way though since data that we are collecting is related to water leaks, smoke, etc and not related to health or finance related.

Ironically, we are in the risk-taking business but are afraid to take risk. How can companies in the insurance ecosystem get comfortable with internet-ready devices?

That’s always been how the Insurance industry has adopted any new technology. I think one of the reasons that insurers have not been comfortable is because this technology is still evolving and there are many device vendors. So, which ones will last and which technologies will reign supreme is still unclear – which is why a device-agnostic approach makes so much sense. The other element is that of data collection/aggregation. So far not many understand what this could be used for. We believe that our ‘Near Miss Index’ is the next step and from there we will build a ‘Recommendation System’ that could provide ‘Underwriting as a service’

What is a good first step for companies deciding whether or not to integrate Internet devices into their business model?

Simply a factor of what are the business priorities for the carrier. If retention and product differentiation is a key driver then they absolutely should look at IoT play to move the needle. All other strategies have focused on ease of purchase/renewal or improving claims experience and I believe those areas may help short term but wont guarantee retention in the long term

How do you envision the insurance market 10 years from now? Can you provide your fantastical vision of how all this technology might be used on a day-to-day basis?

Wow – I think in 10 years insurance may not be a stand-alone product. It could come as part of buying or using a car/home and IoT will be inbuilt so the consumer will not be exposed to it at all. We all know that everything will be connected and events/accidents will be averted even before they happen. When I grew up in 80’s and watched Star Trek , everything was futuristic but what they showed as tech capabilities have come true. It took 30 years but I think the next 10 years will be enough for Man to be on another planet commuting via rockets and communicating telepathically. Flying cars/taxis will be ubiquitous and who knows what else would be possible. I just hope I continue to play a round of golf on an actual course!

About Nick Lamparelli

Nick Lamparelli is a 20+ year veteran of the insurance wars. He has a unique vantage point on the insurance industry. From selling home & auto insurance, helping companies with commercial insurance, to being an underwriter with an excess & surplus lines wholesaler to catastrophe modeling Nick has wide experience in the industry. Over past 10 years, Nick has been focused on the insurance analytics of natural catastrophes and big data. Nick serves as our Chief Evangelist.

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