The insurance industry is one of the first to feel the force of this convergence of data and technology. An example is the advisory firm Aon, which can now collect and analyse information on a business’s intangible assets, such as its intellectual property, allowing underwriters to offer cover based on facts rather than guesswork.
This is changing, thanks to telematics. Companies such as Amodo, an insurance technology company, for example, facilitate recording driving behaviour via a black-box or smartphone app. Insurers can then offer motorists bespoke cover as well as advice on better driving. Data is sometimes dubbed “the new oil” for its economic value, and it is having a profound effect on business models and social behaviour. In a series of articles, the FT’s Intelligent Business report looks at the people and ideas behind the convergence of data and technology in business. We showcase the most interesting in case studies alongside the articles, and select a winner in each category. (A note on the methodology appears at the end of this introduction).