3 ways to future-proof your insurtech solution
As the Internet of Things (IoT) evolves fast, it is difficult to predict how things will look in just a couple of years from now. The rapid development spikes a concern among insurance companies who want to enter the IoT world and build an insurtech solution: Will the solution quickly be technologically obsolete?
The answer is no - not if you have the right strategy in place when building your solution. As the IoT evolves rapidly, it is paramount to maximize adaptability in order to future-proof your solution.
Below are 3 vital ways for you to future-proof your insurtech solution.
1. Make security the main priority
When data is generated, the potential of security threats arises. Ensuring that your customers’ personal data are not leaked needs to be among your top priorities when building an insurtech solution – especially a future-proof one. If your customers lack trust in your solution, it is doomed from the beginning. A well-implemented security strategy will help your company protect the data against cybercriminal activities, insider threats, and human errors.
2. Ensure a high level of flexibility
Another way to future-proof your insurtech solution is to enhance the level of flexibility. Updating the existing devices included in your solution and allowing you to offer new features by adding new devices, helps you meet your customers’ needs continuously. By allowing over-the-air updates, your existing system can also be kept up to date continuously. With an open system and a multiprotocol hub as the center of your solution, you can add new devices across vendors and wireless technologies.
3. Prepare for scaling
To create a long-term return on investment, you need to be able to scale your solution. Often it is the technical complexity that affects the scalability of an IoT project. For this reason, it is crucial to include technology that allows scaling of your solution.
Preparing your insurtech solution for changes means future-proofing it. A way to stay at the forefront of technological developments is to partner with wireless technology and IoT device specialists.
At Develco Products, we are experts in wireless communication and have developed white label IoT devices based on a wide range of wireless technologies since 2007. We develop and produce secure, high-volume, and customized IoT devices for insurance companies that want to benefit from all the possibilities provided by the IoT.
