Week 04

Question 1

What are wireless sensor networks

Answer 1

Networks 1000s of interconnected wireless
devices embedded into physical environment
* Used to monitor building security, detect
hazardous substances, monitor environmental changes, traffic, or military activity
* Devices have built-in processing, storage, and radio frequency sensors and antennas
* Require low-power, long-lasting batteries and ability to endure in the field without maintenance

Question 2

Explain the Wireless Sensor Network

Answer 2

Number of devices can analyse whole areas. Made up of low level and high level nodes. Lower-level nodes forward data to eachother or to higher-level nodes, which
transmit data more rapidly to a server and speed up network performance. The server that data from the sensors is sent to acts as a gateway to a network based on Internet technology

Question 3

Give an example of some tech that is an important course of data for IOT

Answer 3

RFID is an important source of data for IOT.

Question 4

What are the drivers of IoT

Answer 4

**Tech Advancements **
Rapidly falling cost of Sensors and other components.

Data Driven Decision Making
Need for more information

Competitive Pressure
Companies adopt IoT to remain competitive and meet evolving market demands.

** Integration with Emerging Technologies**
IoT complements innovations like AI, machine learning, and blockchain, unlocking smarter applications and automating decision-making.

Question 5

What is the Value in IoT?

Answer 5

Automation & Efficiency
- Automate routine tasks based on pre set conditions.

Reduced Costs
-Reduces energy costs through smart systems
Ex: Thermostat

Better Decision Making
IOT sensors etc provide more information – better control, decisions

Manufacturing/logistics
– Control of process and can Identify problems

Home automation devices
– Information collected on how people live

Question 6

What are some issues with IoT?

Answer 6

• IOT standards still evolving
  -Problems connecting devices
• IOT devices have primitive security
  – easily hacked
• Remote storage of personal details ex: Amazon Echo Dot requires users to store their Wi- Fi network router passwords on an Amazon server.
• Collection of d personal habits
  -When you leave the house

Question 7

Where do actuaries see value in IoT devices?

Answer 7

Actuaries see the potential of IOT type devices as a source of additional data.

Question 8

From point of view of an actuary and health insurer what Qs should be considered with wearable tech data

Answer 8

What can be measured?
What data is captured, and by what process?
How accurate and reliable is that data?
How do users engage with the technology?
Cost of using this technology?