Onshore Energy Conference — Dubai Onshore Energy Conference — Dubai 02 | Page 23

TECHNOLOGICAL ADVANCEMENT
W
e live in a world of Big
Data. Petabytes, Zettabytes,
Yottabytes of data. The Internet
of Things (IoT) increasingly
connects day-to-day appliances, machines
and equipment with each other. Billions of
devices constantly recording data: sensors,
cameras, microphones, thermostats, pressure
gauges, RFID chips, attached to everything
from mobile phones to industrial hardware.
Contrast this with early Business
Interruption (BI) insurance in the 1860s when
obtaining reliable records to quantify losses
would have been difficult, long before the
advent of modern accounting and reporting
standards. Most records were manually created
until as recently as the 1990s when transition
from paper to computer accelerated. Even
then a 3½" floppy disk only stored 1.44mb and
joining multiple Excel sheets was not possible.
Nowadays datasets grow rapidly, to the
extent they cannot be easily managed, stored,
shared, analysed or queried with previously
applied methods, and require new approaches.
Despite these previously unimaginable
changes, the fundamental principles of BI
insurance have not changed significantly
over the past 50 years. But what potential
effects can increased data have?
Less Losses?
GE, for example, remotely monitors vibrations,
temperature, and pressure on thousands
of turbines around the world 24/7/365. The
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