The Major Ways IoT is Disrupting Insurance

New technologies are influencing the shape of the insurance sector. This ranges from smart burglar alarms to big data analytics to offer ‘micro-insurance’ solutions. Another area is with connected devices.

New technologies are influencing the shape of the insurance sector. This ranges from smart burglar alarms to big data analytics to offer ‘micro-insurance’ solutions. Another area is with connected devices.
Connected devices form the Internet of Things, and it is the capability to draw data from such devices that insurance companies are using. The application stretches across a number of areas of insurance, from personal health to the assessment of farm animals.
Health is an area where Internet of Things devices are already being used to lower insurance premiums for those who agree to wear the devices and to share data with insurance companies. According to Micro Finance, wearables like FitBit have been tied to several insurance premiums.

Other areas of consumer related lifestyle data include the use of vehicle telematics devices (devices that enhance navigation, safety and communication features). Those who agree to have these devices integrated with their vehicles can see lower car insurance costs.

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By | 2017-11-20T11:00:38+00:00 November 20th, 2017|Categories: All Articles, Trending Topics|Tags: , , |Comments Off on The Major Ways IoT is Disrupting Insurance