IoT is helping insurers reimagine their businesses

The Internet of Things (IoT) is everywhere. You cannot flip through a magazine, attend a conference or read a news feed without finding a reference to IoT. With good reason – the IoT has become an important part of the technology landscape, altering the way we live, work, manage problems and conduct business.

Fundamentally, what is happening is that a growing number of devices are being connected over the Internet. At last count, there were anything between 10 and 20 billion connected devices. This, according to analysts, is expected to balloon to 40 to 50 billion by 2020. Devices such as cars and aircraft, coffee makers and beverage dispensers, oil rigs, medical devices, thermostats, traffic signals, mobile phones, GPS systems, weather monitors, and millions of software applications, will begin to talking to each other. It will be Machine2Machine talk, but the conversations will contain vital business signals. Think of this ability of devices, sensors and systems to share data from diverse sources – often in real time — as a new performance enhancing property.

One of the industries where the IoT will have a major impact is financial services, particularly in the area of insurance. Through the IoT, insurance companies are reimagining the business; creating innovative products, driving superior customer experience and de-risking compliance. By using a vast amount of real-time data and powerful statistical analytics, carriers are able to factor business trends, threats, lifestyles, customer sentiment and environmental vagaries into decision making.

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By | 2017-06-30T07:47:34+00:00 June 30th, 2017|Categories: News|Tags: , , |0 Comments

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