Iot in Fintech and Insurtech
What is the project about?
Copenhagen Fintech has partnered with Force Technology and The Nordic IoT Centre in organizing a series of user group meetings focused onthe use of IoT within insurance and finance. The Nordic IoT Centre promotes the usage and development of IoT in the Nordics – by joining and engaging the relevant actors of the IoT ecosystem, and by enforcing Nordic values such as user focus, functional design, quality assurance and accountability in the development of IoT-enabled products and IoT-based services.
Within insurance and finance the use of IoT can take many forms. In the insurance field, IoT can e.g. be used for monitoring and error reporting on equipment and buildings, whereby the extent of a damage, costs and inconvenience can be reduced. It can also be used to create better relations and collaboration between insurance companies and policyholders and to provide better insurance, etc. In the financial field, IoT can be used for smart payment solutions, to resist and uncover fraud, to promote customer understanding, etc. The user group focused on a number of topics including:
- Use of the ecosystem and vendors
- Claim prevention and behavioural motivation with IoT
- IoT applied in health and welfare
- IoT regarding safety and security in the home
- Legislation and ethics of IoT application
- GDPR and IoT
- Insurance of IoT-based assets
- Insurance law and IoT
The key outcome of the project is a White Paper on IoT in Fintech which can be downloaded here. The White Paper includes key takeaways from the dialogue and feedback from the user group.
Topdanmark and Tryg
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