CASE STUDY


Strategy consulting firm working in the insurance sector

Problem

The firm wants to know about the market opportunity of deploying IoT to lower insurance claims. Additionally, they are curious about whether the data collected could become a business opportunity using Big Data to offer insurance benchmarking as a service. Here is how GS Partners help them find answers.

Solution

Instead of recruiting general experts on IoT, we recruit specialized experts with long experience working on IoT and Big Data in the insurance sector. We recommend 6 experts in senior positions managing IoT projects in the insurance sector. The client choses the best 2 experts suited to its needs.

Results

The expert agrees that IoT and Big Data represent an important market opportunity in the insurance sector, and that it is actively been pursued by some insurance companies now. However, the expert clarifies that the state of deployment of IoT in the insurance sector lags in comparison to other industries and is currently on trial period, as such its profitability has not been assessed yet in practice. The expert also clarifies that in the insurance sector the deployment of IoT is ahead of Big Data, while there is a link between the two technologies, the time-frame for Big Data based solutions is more long-term than IoT solutions. Lastly, an analysis of competitors identified the companies with the necessary technological capabilities to pursue this opportunity. These results were possible thanks to the knowledge of the experts and would have not been possible using desk research alone.

Case Studies