The Internet of Things (IoT) is the connection of machines and devices to each other, effectively removing the manual operator. Today it spans objects of all shapes and sizes, from a rice maker controlled remotely by smart phone to a self-driving car. Looking forward, the numbers of IoT devices will accelerate rapidly as the cost of sensors fall, creating new exposures and uncertainties for businesses. AIG is actively investing in research and partnering with clients and academia to better understand the risks associated with IoT as well as the sharing economy.
PREPARING CLIENTS FOR AN IoT WORLD
The IoT has seismic implications for the risk managers of businesses that manufacture, distribute and use IoT devices. What is the potential for injury or damage? What are their requirements for IoT design, testing, data collection, security and maintenance? What are the contractual, warranty and intellectual property issues? Privacy concerns? With AIG, you offer your clients an insurer at the forefront of discovery, leading insurer research, partnering with academic institutions and publishing our findings to promote understanding and help your global clients navigate an IoT world.