Big Data What's possible? What's not? What's Next? Sophia Van Big Data & Smart Analytics Lead Asia Oct 2015

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1 Big Data What's possible? What's not? What's Next? Sophia Van Big Data & Smart Analytics Lead Asia Oct 2015

2 Where are we and where are we going? Swissnex risk dialogue Matthias Weber 15 April

3 What we share with one another every minute 3

4 The Fourth Industrial Revolution? Internet of Things + Big Data 4

5 "I never think about the future it comes soon enough" - Albert Einstein 5

6 Who changes the world? Technology + Consumers + Governments 6

7 Consumers 7

8 Governments Smart Cities 8

9 Technology + Consumers + Governments What do changes create? Data Disruption Threats & Opportunities 9

10 Lessons from the past 10

11 APAC will not escape the Big Data tsunami 11

12 APAC will not escape the "Big Data tsunami" APAC will take the lead over in Smart Cities by out of 37 major smart cities across the globe are in APAC by 2022 with the investment of 63.4 billion from 2014 to 2023 Singapore Smart Health is an important pillar under Singapore Smart Nation vision Analytics is defined as a key enabler capability Variety of fundings for Innovation & Analytics available. 17 Regional Innovation / Analytics Centers of substantial scale set up in Singapore utilizing government fundings. Environmental data collected via sensors are published at data.gov.sg Three main ideas unveiled: smart logistics with interoperability across supply chain, Smart Nation Tech Challenges, and Smart Health Assists in Jurong Lake District. China 200+ Smart Cities Initiative IoT and Connectivity are expected to be the emphasis of the 13 th 5 year plan (starting in 2016) The State Council issued some guidelines promoting commercial health insurance development in 2014, encouraging information sharing and the creation of health insurance information systems. South Korea Songdo the world's first smart city due for final completion in India 100 Smart Cities Initiative announced in Union Budget 2014 with US$1.1 billion provided to be launched soon in Smart Health is the lifeline for Smart Cities Japan Pilot projects are running in 4 cities (Yokohama, Toyota City, Keihanna Eco City, Kitakyushu) Malaysia Industry-led IoT data centre and research lab set up with Feb 2015 with focus on wearables in healthcare 12

13 Singapore's Vision Main Focus (2015) Enabling Capabilities 5G/ HetNet Security Healthcare Transport Logistic Environment Sensors Analytics Smart Cities We see Singapore as a test-bed incubator Singapore as a global Analytics Hub Singapore Smart Nation Smart Nation is built on data & the ability to move, collect and make sense of it before we can glean insights that can improve lives. 13

14 By 2020 Global: 29.5 Billion Connected Things APAC: 8.6 Billion Connected Things Data grows 10-fold to 40 Zetta bytes 1 as Internet of Things and Smart Cities take off Impact in all aspects: healthcare, transport, logistics, manufacturing, services, environment Impact on both P&C and L&H Source 1 : IDC 14

15 Financial industry players continue big investments in the region AON Innovation & Analytics Center (Singapore) MetLife futurelab (Singapore) Aviva Digital Garage AXA Lab (Sillicon Valley) RGA Rakuten Ping An PCIC Aviva DBS Tokio Marine BAT (China) 15

16 Applications in the insurance industry Swissnex risk dialogue Matthias Weber 15 April

17 Financial Big Data is important for the insurance industry because insurance is an information based business! Customer Management Claims & Fraud Management Pricing, Risk Assessment and Selection Opportunities Data Business Model Ethical Legal & Compliance Risks Operational Innovative Products Distribution and Service Management Foundation Legal and Compliance Technology Skills 17

18 Big Data can help tackle the protection gap in Asia Natural catastrophe uninsured losses as a % of economic losses, by region,

19 Telematics solutions address a variety of products and lines of business in the insurance industry Line of Business Motor Telematics & Technology solution Equip cars with standard or retrofitting device Potential for Insurance Industry UBI risk- based driving Claims Management Remote controlling Theft protection Driver feed-back Gamification Life & Health Equip persons with wearable devices which can track health and medical data Prevention Self-quantified Monitoring Care Management Claims notification Dynamic pricing for chronicle diseases Health corporate management Transport & Marine Equip expensive goods and cargo containers with active sensors Controlling of accumulation risks Monitoring of global supply chain Claims Prevention Claims notification Fraud Detection Cost reduction 19

20 Big Data applications for Agriculture Proposition: Leverage big data analytics to 1) mitigate the basis risk in existing agriculture insurance and 2) close the agriculture protection gap by addressing the following problems: lack of historical yield information, low spatial granularity of weather-related data, existence of hidden risk factors (e.g. undocumented pest damage), incomplete information on crop cycles as well as other farming practices 7. Research and Government 15% 8. Technology Provider 19% 6. Precision farming/agric ulture IoT 10% Market Players 1. Agriculture e-commerce 6% 5. Remote Sensing Services 21% 2. Ag supply chain management software 8% 3. ICT platform, interactive & mobile enabled (including apps) 13% 4. One-stopshop 8% Applications Precision and "Smart" Farming More Accurate and Granular Weather Information (improved yield forecasts and claims assessment) Resource Management, e.g. water availability Farming Best Practice (monitoring and knowledge dissemination via ICT platforms) Livestock monitoring (close livestock protection gap in Asia) Forest Fires Mapping Aquaculture, e.g. illegal fishing activity, ecological conditions Improve Natural Catastrophe Prediction Data micro-weather, historical yield data, sensor-enabled soil condition data, NatCat, government funds/subsidies, satellite imageries, asset tracking data, farming practices...etc. 20

21 Applications in natural disaster management Swissnex risk dialogue Matthias Weber 15 April

22 Important role of insurers in risk management, prevention, and mitigation Risk Mitigation Risk Prevention Incentives Expertise Risk Prediction Risk Assessment 22

23 History of Natural Catastrophe Modelling 23

24 Big Data can bring catastrophe modelling to the next level Natural Hazard What can happen? Intensity? How often? Vulnerability A function of hazard Terra Seismic, an innovative start-up that can predict major earthquakes anywhere in the world with 90% accuracy. It uses satellite data and ground based instruments to measure abnormalities in the atmosphere caused by the release of energy and the release of gases, which are often detectable well before the physical quake happens. Not all perils are modelled. Non-modelled perils account for 30% of claims. Flying debris is hard to be accounted accurately in models due to increasing concentrations of people and property. Inability to run frequent, fast models with real-time data 24

25 New data sources could provide new insights Locational Data via Mobile Network GIS/ Intelligent Maps/ Satellite Social Media Sensors/ Cameras/ Drones 25

26 Technology makes the mission possible! 26

27 Thank you Swissnex risk dialogue Matthias Weber 15 April

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