Swarm Technologies: A New Dawn for Enterprise Risk Management July 31 2023
Created by: Rob Tyrie , CEO Ironstone Advisory
HAVE you ever wanted to have your own satellite? Can you spare $5 bucks a month?
In the ever-evolving landscape of technology, one company is making waves with its innovative approach to data communication. Swarm Technologies, a subsidiary of SpaceX, is pioneering a new era of connectivity with its low Earth orbit satellite constellation. This technology, designed for communication with Internet of Things (IoT) devices, is set to revolutionize industries, particularly insurance and banking, by providing unprecedented access to real-time data.
Swarm Technologies was founded in 2016 by Sara Spangelo and Benjamin Longmier, former employees of Google and Apple respectively. The company's mission is to provide affordable global connectivity. Their satellite network, known as SpaceBEE, is designed to provide communication with IoT devices using a store and forward design. As of now, Swarm has launched a significant number of these small, low-cost satellites, providing global coverage.
The implications of this technology for industries like insurance and banking are profound. With the ability to gather real-time data from anywhere in the world, companies can gain insights into risk factors that were previously inaccessible. For instance, an insurance company could use Swarm's technology to track the movement of insured assets in real-time, providing valuable data for risk assessment and claims management.
In the context of commercial insurance, Swarm's technology could be used to monitor the condition and location of insured assets continuously. For instance, sensors on commercial vehicles could transmit data on driving patterns, vehicle health, and location, enabling insurers to assess risk more accurately and potentially prevent accidents before they occur.
Moreover, the data gathered from Swarm's satellites could feed into AI and large language models, enabling the development of new products and services. These models could analyze the data to identify patterns and trends, providing valuable insights for risk management, underwriting, and product development.
For example, an AI model could analyze data from a fleet of insured commercial vehicles. It could identify patterns such as frequent hard braking or speeding, which could indicate a higher risk of accidents. The insurer could then take proactive measures, such as offering driver training or adjusting premiums accordingly.
But what sets Swarm's technology apart from existing solutions like cell phone technologies and 5G? The answer lies in its global coverage and affordability. While cell phone and 5G technologies provide excellent connectivity in populated areas, their coverage can be spotty or non-existent in remote areas. Swarm's satellite network, on the other hand, provides global coverage, ensuring that data can be transmitted from anywhere in the world.
Furthermore, Swarm offers data transfer plans starting at $60 per year per connected device, making it an affordable solution for businesses of all sizes. This is particularly beneficial for small and medium-sized businesses, which may not have the resources to invest in more expensive connectivity solutions.
IF you are in insurance and/or banking, it is probably time to look at this new tech service offering. Swarm Technologies is ushering in a new era of connectivity, providing industries with unprecedented access to real-time data. For insurance and banking companies, this technology offers a wealth of opportunities for risk management, underwriting, and product development. As we move into the future, it’s clear that Swarm’s satellite technology will play a pivotal role in shaping the landscape of these industries.
References:
1. Swarm Technologies. (n.d.). Our Story. Retrieved from https://www.swarm.space/
2. Foust, J. (2021, August 9). SpaceX to acquire Swarm Technologies. SpaceNews. Retrieved from https://spacenews.com/spacex-to-acquire-swarm-technologies/
3. In-Q-Tel. (n.d.). Portfolio. Retrieved from https://www.iqt.org/portfolio/
4. Wikipedia. (2023, July 25). Swarm Technologies. Retrieved from https://en.wikipedia.org/wiki/Swarm_Technologies
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