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Insurance Technology Report, Internet of Things Report

Internet of Things in Insurance - Thematic Research

Early Bird gets the Worm

With most industries embracing digital transformation in an effort to improve their bottom line and deliver benefits for the consumer, the insurance sector is no different as it is looking to invest in new technologies to ensure not being left behind.

Early adopters have already gained a clear benefit of IoT by showing how data from automotive sensors, in-home sensors, wearable technology, mobile and telematics devices, drones, GPS and other network appliances can help grow business, engage policyholders in loss prevention and improve risk assessment.

  • What you need to know...
  • Plugging into partnership ecosystems becomes even more critical. It is not realistic for insurers to pursue IoT without professional help.
  • The secret for IoT success is an open digital platform. We now see a gradual shift in IT strategies among insurance decision-makers to an emphasis on the capabilities of digital platforms in relation to IoT support, analytics, and digital ecosystems.
  • Shaping the right IoT investment strategies in insurance is key. Insurers aspire to be data-driven, which means that insurers will need to import more and more data collected from different sources and leverage it in real-time.
  • IoT-enabled smart home systems bundled with insurance products may help insurers to not just offer insurance to homeowners against risk, but to also enable them to safeguard their properties, thus reducing the overall risk to both customers and themselves.
  • IoT tops insurance decision-makers’ digital transformation initiatives. Insurers will seek essential support from different players in the vendor community who are well positioned to these fundamentals in commercial and consumer settings.

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IoT technologies enable insurers to get closer than ever to their customers

Through constant customer engagement, insurers can act as a business partner, spreading the risk with their customer.

Insurers can move from being a one-off contact during an unpleasant situation to providing regular advice to their clients on risk management and prevention. Additionally, insurers can use the data gathered directly from customers to build a single and comprehensive customer view of the insured risk, thereby enhancing the transparency and credibility of the premium being charged.

Providing clients with a view of the risk and charges will help increase customer satisfaction and loyalty.

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