Host Chris Hampshire is joined today by Hemant Sarma, Global Digital Internet of Things Manager at Chubb, the world’s largest publicly traded property and casualty insurer. Hemant has been with Chubb for over 25 years and is responsible for developing enterprise strategies that leverage internet-connected technologies to advance the company’s best-in-class risk engineering services. He has joined the podcast for a discussion about the Internet of Things and his work at StreamLabs, a manufacturer of commercial IoT water sensors, and how it all works.

 

Key Takeaways

• Hemant shares the journey that led him to a career in risk management.
• How did growing up in India inform Hemant’s involvement in insurance?
• The application of IoT in the insurance world has only been accelerated by the pandemic.
• Examples of how IoT technologies benefit both insurance customers and underwriters.
• Improved applications of data allow Chubb to make better decisions.
• Real-time data helps to predict and prevent potential risks and improve underwriting data points.
• The apprentice program at Chubb helps to attract new talent to the insurance industry.
• Chubb also offers college scholarships and rotation programs to continue to build a pipeline of future employees.
• Characteristics that Chubb looks for in interviews and potential new hires.
• Hemant’s career path has been guided by the kinds of problems that he aims to solve.
• He aims to tackle the challenges and opportunities that face the company.
• A look at the industry five years from now reveals that IoT is going to play a continually increased role.
• Details of a changing distribution model, the role of the underwriter, and the changing nature of risks themselves.
• Hemant reveals the wisdom he wishes he would have known when he started his career.

 

Keep Getting Better

IN2Risk 2022

 

Quotes

• “COVID-19 has made very clear the role of IoT in our lives.”
• “IoT is going to be a gamechanger for the insurance industry.”
• “We are continuing to build a pipeline of our future employees and candidates.”
• “As roles evolve and the opportunity arises, keep an eye open for that and you will definitely find ways to dabble in IoT.”
• “This is going to be a very interesting marketplace over the next five years.”