Product Code: IT004-000373
Location plays a critical role in the insurance industry. Because of that, SoLoMo - a set of interdependent social, locational, and mobile capabilities that knows in realtime about the longitude and latitude of a geographic location and the tangible assets within it - will become critical to insurance commerce and service.
- SoLoMo capabilities to support insurance commerce and service are the result of three groups of technologies joining together: social media, location intelligence, and mobility.
- The SoLoMo infrastructure is being shaped by the adoption of embedded sensors (to transmit and receive information), wireless connections, and broadband network connections.
- SoLoMo offers insurers an opportunity to provide fee-based value-added services focused on vehicle telematics, remediation services, child and/or elderly parent safety monitoring, or business interruption cost estimates.
- Details what SoLoMo can do for the insurance industry
- Identifies the four stages of realtime emgagement between a SoLoMo device and its surroundings
- Determines the six major capabilities a SoLoMo device should have
- What is SoLoMo?
- How can insurers use SoLoMo to create fee-based value-added services?
- What are the major components of SoLoMo?
- How can SoLoMo capabilities support insurance agents, financial advisors, or claim adjusters?
Table of Contents
- Ovum view
- Key messages
- SOLOMO JOINS THREE TECHNOLOGIES TOGETHER
- Social media, location intelligence, and mobility capabilities support
insurance commerce and service
- SoLoMo infrastructure includes embedded sensors, wireless connections,
and broadband networks
- Three groups of telecommunications technologies underlie SoLoMo
- M2M and the IoT are becoming a reality
- M2M communications definition
- M2M forecast
- IoT definition
- Growth of wireless connections and broadband network connections
- The Asia-Pacific region is creating the infrastructure for SoLoMo
- Wireless connections
- Broadband network connections
- The number of mobile devices continues to grow
- SOLOMO GIVES INSURERS A GEODYNAMICALLY AND SOCIALLY INFORMED REALTIME
- There are four stages of realtime engagement between a SoLoMo device and
- SoLoMo must encompass six major capabilities for insurers
- SOLOMO LEVERAGES SOCIALLY AUGMENTED LOCATION AWARENESS
- Capabilities combine with device, data, analytics, and visualization
- SoLoMo needs apps to collect location-based information for decision
- SoLoMo supports insurance commerce and service initiatives
- Insurance professionals working in the field are the prime target
- SOLOMO OFFERS INSURERS A REVENUE OPPORTUNITY
- Fee-based services include telematics and remediation
- Recommendations for insurance companies
- Recommendations for technology vendors and telecommunication firms
- Further reading
- Ovum Consulting
- Figure 1: SoLoMo is an interdependent set of analytical, visualization,
and information exchange capabilities
- Figure 2: Wireless connections forecast by region, 2014-18
- Figure 3: Broadband connections forecast by region, 2014-18
- Figure 4: Total active smartphones forecast by region, 2013-17
- Figure 5: Tablet shipment forecast by region, 2013-17
- Figure 6: Four stages of engagement between a SoLoMo device and its
- Figure 7: Insurers should expect a SoLoMo device to have six major
- Figure 8: Illustrative SoLoMo components