While it is gratifying to observe the insurance industry demonstrating considerable enthusiasm for new comms technologies, data and IoT and a growing understanding and acceptance of the need to collaborate and partner with innovative start-ups, the sector should also bear strongly in mind the legal ramifications of the changes that are convulsing the industry. Gayle MacFarlane of compliance lawyers practice Cordery points out that issues of data privacy, consent, security and compliance are as much a part and parcel on IoT and the Internet of Insurance as are new technologies and new opportunities to create value and new revenue streams and that if they are not properly addressed and policed the resulting court cases and lawsuits could bring household name companies to their knees.

Filmed at: Internet of Insurance, London, 2016