Hey Jacob,
This is mean to augment our conversation on the golf course yesterday, and solidify our commitment to this new monetization opportunity. I would say that the opportunity around predictive insurance policies is our greatest opportunity to date, and is something we need to put in place immediately.
Now that our governance solution has been mandated in all IoT solutions in the US, and our logging solution has proven to be effective, it is time to scale and take full advantage of monetization opportunities of predictive insurance. The 43 prescribed deaths that we executed this quarter, show that we are ready. We saw 100% of the tailored fleet accidents occur, with 100% compliance during safety audits across the 31 companies where the the accidents occurred.
We are now ready to implement predictive insurance policies with the same results. The algorithmic tests have shown that we can keep insurance policies in line with all prescribed deaths, and if it was implemented for the last test phase, it would have represented $22.5M in insurance claim related revenue. I recommend scaling to 75 prescribed deaths in the same regions as before, with the predictive insurance algorithm applied.
While there are numerous opportunities for scaling of our service across the transportation industry, including commercial fleets, trucks, heavy equipment, rail, and public transit, I feel the real opportunities will be in a range of IoT devices such as toasters, BBQs, fencing, stairs, doors, and pretty much any part of our physical world that will have a sensor, camera, and other internet connected layer applied. There are unlimited opportunities for revenue generation across the thousands of unintentional deaths like falling, drowning, poisoning and other common place occurrences.
Regardless of where we apply, our Iot governance layer will continue to be key for not only the predictive layer for insurance policies and deaths, but also agents for triggering the actual prescribed deaths across the network. I appreciate your attention to detail on the logging layer, making sure all activity as part of the prescribed death, and predictive insurance program remains in the shadows.
Get me back a timeline by this weekend for the next phase rollout--it will be an exciting quarter.
- Frank
