1. Risk Simulator for Insurance that Generates New Value through Integration of IoT and Insurance
The risk simulator for insurance provides tools that assist with the development of new insurance products and services that use digital technology (a tool that uses analysis of medical big data to predict hospitalization risk is already available).
To this, Hitachi has now added a new simulation feature for fault prediction that converts Internet of Things (IoT) data on production machinery and other facilities and equipment into a financial “risk value” that is easy for insurance companies to interpret. This new tool derives the incidence of faults from information on past fault causes (cumulative damage) up to the present day, and also quantitatively simulates the financial risks that faults pose to the business based on future fault incidence.
Hitachi is also currently engaging in collaborative creation with Tokio Marine & Nichido Fire Insurance Co., Ltd. to expand tool functions. As a solution that brings the IoT together with insurance, the risk simulator for insurance is intended to facilitate progress in the digital transformation of industry.