The Emerging Architecture of the Internet of Things

by Craig Beattie, August 3, 2016
Industry Trends
Global

Abstract

Celent describes the concerns and capabilities related to embedding the Internet of Things into an insurer’s architecture.

Central to the approach is keeping the existing stack of technologies and components that enable the insurer to operate their core business: quote, bind, endorsements, claims, etc. Adjacent to this is a distinct architecture designed to capture and analyse high velocity data.

This architecture enables a mix of real-time and ad hoc analytics to be performed on these data sets. The magic, then, is in the glue between these two architectures, something like the right and left brain of the new insurer.

“In this report, Celent distinguishes three architectures: the classic core system architecture, the sensing architecture to capture sensor data, and the response architecture to communicate with customers,” says Craig Beattie, senior analyst in Celent's Insurance practice and author of the report.

This report examines how to join these architectures and provides a logical view of the relationship between them.

 

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

 

Key Research Questions

2

 

A Tale of Two Architectures

2

The Sensing Architecture

3

The Response Architecture

8

The Classic Architecture Link

9

 

The API and Event Architecture

10

Putting This All Together

11

 

Resulting Business Capabilities and Opportunities

12

Leveraging Celent’s Expertise

13

 

Support for Financial Institutions

13

 

Support for Vendors

13

Related Celent Research

14

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