The topic of mobile and the whole issue of ubiquitous knowledge anytime, anyplace, anywhere, the way in which information is consumed is important. The issue of the emergence of new distribution channels, and the tradeoff often giving away location for example, in return for value, are other challenges.
It's interesting that for different demographics there are different viewpoints in terms of what information they are prepared to share on their mobile device in return for, for example, a cheaper cup of coffee. Analytics in all its different forms, I will talk about that in more detail later, but fundamentally the role of analytics is to extract value from the data and provide impact at the point of need.
Then finally, there is the issue of fintech, financial technology, most specifically the issue of or the subject of insurance tech. Insurance tech is one of the fastest growing areas in the insurance market which by definition is disruptive, involving new cutting-edge technology and perhaps bringing some element of risk to the insurance operation.
All these things are occurring really and are affecting the way that we do business. But the insurance executives of today need to be able to look around the corner and think about the new mega trends, the new mega trends in insurance.
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For example, the connected car, or connected home, or connected person, the impact of urbanization on how the movements of people from the countryside into the cities changing not only the issue of risk but also the impact of marketing and distribution, these have to be considered.
The concept of geo-socialization, in fact, the interaction between location and analytics and the new business models in the insurance sector which are emerging out of that has to be considered, for example, the concept of one time insurance. In other words, the mobile device tells the insurer where you are and what you are doing, and if it's insurable, then an insurance offer is pushed out to you, and payment is made on the mobile phone and charged to your mobile account.
The fourth key mega trend which we identify is what we call innovating to zero. In fact the use of insurance data analytics to identify zero turnage, zero claims leakage and zero friction within the process. Perhaps if we move on and have a very quick level set and recognize we are in the era of big data, an environment which is a complex network of over one trillion devices generating 2.5 billion gigabytes of information every day.
Of course, all of us will think, well what actually does 2.5 billion gigabytes of information actually look like? I like to think of it in terms of the entire contents of the British library being created every single day, of which 80% of that information is unstructured, and 20% is structured sitting in organized warehouses. There is a link of a golden thread which ties together the unstructured information, and I believe that golden thread is the issue of location, because everyone and everything is similar. The ability to actually geocode that unstructured information gives us the opportunity to open up new insights which perhaps we've never understood before. And insurance fundamentally is principally all about location.
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