Proactive fintech: Using intelligent IoT to deliver positive insurtech feedback

Zahraa Marafie; Kwei Jay Lin; Yanlong Zhai; Jing Li

doi:10.1109/CBI.2018.10048

Proactive fintech: Using intelligent IoT to deliver positive insurtech feedback

Zahraa Marafie, Kwei Jay Lin, Yanlong Zhai, Jing Li

School of Cyberspace Science and Technology

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

29 Citations (Scopus)

Abstract

Financial Technology (FinTech) employs technological advancements and sharing economy models to improve financing services. The emergence of the Internet-of-Things (IoT) has changed the way humans interact with the surrounding world. In this paper, we present a proactive FinTech model that uses the IoT intelligence to deliver positive InsurTech feedback. We propose an InsurTech system with three main components: the monitoring and feedback device, the fog analytics engine, and the cloud server. The driving analytics use sensor-recorded data to calculate in real time the driving scores based on current driving patterns and road conditions. The feedback device then communicates with drivers providing helpful feedbacks and potential rewards. Given assertive recommendations offered by a system, the rational-economic model suggests that humans usually respond positively to cost minimizations and rewards maximizations. We have used real user data collected by the MapBar Auto Guard devices deployed in China to show an example of how IoT supports the implementation of the positive feedback paradigm. We believe our proactive FinTech model that speaks of actual costs and potential benefits in real time will offer an attractive service value and customer satisfaction.

Original language	English
Title of host publication	Research-in-Progress Papers and Workshop Papers
Editors	Manel Brichni, Christian Huemer, Henderik A. Proper, David Rozier, Sergio Guerreiro, Wided Guedria, Ivan Razo-Zapata, Mikhail M. Komarov, Stefan Strecker, Christophe Feltus, Svetlana V. Maltseva
Publisher	Institute of Electrical and Electronics Engineers Inc.
Pages	72-81
Number of pages	10
ISBN (Print)	9781538670163
DOIs	https://doi.org/10.1109/CBI.2018.10048
Publication status	Published - 31 Aug 2018
Event	20th IEEE International Conference on Business Informatics, CBI 2018 - Vienna, Austria Duration: 11 Jul 2018 → 13 Jul 2018

Publication series

Name	Proceeding - 2018 20th IEEE International Conference on Business Informatics, CBI 2018
Volume	2

Conference

Conference	20th IEEE International Conference on Business Informatics, CBI 2018
Country/Territory	Austria
City	Vienna
Period	11/07/18 → 13/07/18

Keywords

Feedback
Fintech
InsurTech
UBI

Access to Document

10.1109/CBI.2018.10048

Cite this

Marafie, Z., Lin, K. J., Zhai, Y., & Li, J. (2018). Proactive fintech: Using intelligent IoT to deliver positive insurtech feedback. In M. Brichni, C. Huemer, H. A. Proper, D. Rozier, S. Guerreiro, W. Guedria, I. Razo-Zapata, M. M. Komarov, S. Strecker, C. Feltus, & S. V. Maltseva (Eds.), Research-in-Progress Papers and Workshop Papers (pp. 72-81). (Proceeding - 2018 20th IEEE International Conference on Business Informatics, CBI 2018; Vol. 2). Institute of Electrical and Electronics Engineers Inc.. https://doi.org/10.1109/CBI.2018.10048

Marafie, Zahraa ; Lin, Kwei Jay ; Zhai, Yanlong et al. / Proactive fintech : Using intelligent IoT to deliver positive insurtech feedback. Research-in-Progress Papers and Workshop Papers. editor / Manel Brichni ; Christian Huemer ; Henderik A. Proper ; David Rozier ; Sergio Guerreiro ; Wided Guedria ; Ivan Razo-Zapata ; Mikhail M. Komarov ; Stefan Strecker ; Christophe Feltus ; Svetlana V. Maltseva. Institute of Electrical and Electronics Engineers Inc., 2018. pp. 72-81 (Proceeding - 2018 20th IEEE International Conference on Business Informatics, CBI 2018).

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title = "Proactive fintech: Using intelligent IoT to deliver positive insurtech feedback",

abstract = "Financial Technology (FinTech) employs technological advancements and sharing economy models to improve financing services. The emergence of the Internet-of-Things (IoT) has changed the way humans interact with the surrounding world. In this paper, we present a proactive FinTech model that uses the IoT intelligence to deliver positive InsurTech feedback. We propose an InsurTech system with three main components: the monitoring and feedback device, the fog analytics engine, and the cloud server. The driving analytics use sensor-recorded data to calculate in real time the driving scores based on current driving patterns and road conditions. The feedback device then communicates with drivers providing helpful feedbacks and potential rewards. Given assertive recommendations offered by a system, the rational-economic model suggests that humans usually respond positively to cost minimizations and rewards maximizations. We have used real user data collected by the MapBar Auto Guard devices deployed in China to show an example of how IoT supports the implementation of the positive feedback paradigm. We believe our proactive FinTech model that speaks of actual costs and potential benefits in real time will offer an attractive service value and customer satisfaction.",

keywords = "Feedback, Fintech, InsurTech, UBI",

author = "Zahraa Marafie and Lin, {Kwei Jay} and Yanlong Zhai and Jing Li",

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Marafie, Z, Lin, KJ, Zhai, Y & Li, J 2018, Proactive fintech: Using intelligent IoT to deliver positive insurtech feedback. in M Brichni, C Huemer, HA Proper, D Rozier, S Guerreiro, W Guedria, I Razo-Zapata, MM Komarov, S Strecker, C Feltus & SV Maltseva (eds), Research-in-Progress Papers and Workshop Papers. Proceeding - 2018 20th IEEE International Conference on Business Informatics, CBI 2018, vol. 2, Institute of Electrical and Electronics Engineers Inc., pp. 72-81, 20th IEEE International Conference on Business Informatics, CBI 2018, Vienna, Austria, 11/07/18. https://doi.org/10.1109/CBI.2018.10048

Proactive fintech: Using intelligent IoT to deliver positive insurtech feedback. / Marafie, Zahraa; Lin, Kwei Jay; Zhai, Yanlong et al.
Research-in-Progress Papers and Workshop Papers. ed. / Manel Brichni; Christian Huemer; Henderik A. Proper; David Rozier; Sergio Guerreiro; Wided Guedria; Ivan Razo-Zapata; Mikhail M. Komarov; Stefan Strecker; Christophe Feltus; Svetlana V. Maltseva. Institute of Electrical and Electronics Engineers Inc., 2018. p. 72-81 (Proceeding - 2018 20th IEEE International Conference on Business Informatics, CBI 2018; Vol. 2).

Research output: Chapter in Book/Report/Conference proceeding › Conference contribution › peer-review

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AU - Lin, Kwei Jay

AU - Zhai, Yanlong

AU - Li, Jing

PY - 2018/8/31

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N2 - Financial Technology (FinTech) employs technological advancements and sharing economy models to improve financing services. The emergence of the Internet-of-Things (IoT) has changed the way humans interact with the surrounding world. In this paper, we present a proactive FinTech model that uses the IoT intelligence to deliver positive InsurTech feedback. We propose an InsurTech system with three main components: the monitoring and feedback device, the fog analytics engine, and the cloud server. The driving analytics use sensor-recorded data to calculate in real time the driving scores based on current driving patterns and road conditions. The feedback device then communicates with drivers providing helpful feedbacks and potential rewards. Given assertive recommendations offered by a system, the rational-economic model suggests that humans usually respond positively to cost minimizations and rewards maximizations. We have used real user data collected by the MapBar Auto Guard devices deployed in China to show an example of how IoT supports the implementation of the positive feedback paradigm. We believe our proactive FinTech model that speaks of actual costs and potential benefits in real time will offer an attractive service value and customer satisfaction.

AB - Financial Technology (FinTech) employs technological advancements and sharing economy models to improve financing services. The emergence of the Internet-of-Things (IoT) has changed the way humans interact with the surrounding world. In this paper, we present a proactive FinTech model that uses the IoT intelligence to deliver positive InsurTech feedback. We propose an InsurTech system with three main components: the monitoring and feedback device, the fog analytics engine, and the cloud server. The driving analytics use sensor-recorded data to calculate in real time the driving scores based on current driving patterns and road conditions. The feedback device then communicates with drivers providing helpful feedbacks and potential rewards. Given assertive recommendations offered by a system, the rational-economic model suggests that humans usually respond positively to cost minimizations and rewards maximizations. We have used real user data collected by the MapBar Auto Guard devices deployed in China to show an example of how IoT supports the implementation of the positive feedback paradigm. We believe our proactive FinTech model that speaks of actual costs and potential benefits in real time will offer an attractive service value and customer satisfaction.

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Marafie Z, Lin KJ, Zhai Y, Li J. Proactive fintech: Using intelligent IoT to deliver positive insurtech feedback. In Brichni M, Huemer C, Proper HA, Rozier D, Guerreiro S, Guedria W, Razo-Zapata I, Komarov MM, Strecker S, Feltus C, Maltseva SV, editors, Research-in-Progress Papers and Workshop Papers. Institute of Electrical and Electronics Engineers Inc. 2018. p. 72-81. (Proceeding - 2018 20th IEEE International Conference on Business Informatics, CBI 2018). doi: 10.1109/CBI.2018.10048

Proactive fintech: Using intelligent IoT to deliver positive insurtech feedback

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