Back

 Industry News Details

 
Insuring Businesses that Use Internet of Things (IoT) Posted on : May 18 - 2017

There’s definitely a shift in paradigm. IoT is slowly altering the way people use devices and insurance professionals are savvy-ing up to this behavioral change.

Today’s new age consumer lives in cyber space with their entire world squeezed-in on their smart phones. Right from business to entertainment, all rests in these small devices. Their interaction with the world is now largely reduced to these devices. They research, seek counsel from their friends and other consumers in the social world before they buy. Gone are the days where it was easier for insurance agents to seek appointments to convince the customer.

With shift in paradigm, conventional set of technologies like Customer Strategies (with Customer Relationship Management) are taking a backseat and are being replaced by Digital Strategies. Business models are changing rapidly and getting built around technology. With digitally evolved consumers, innovations in products and services have gone to the next level. Analytics, machine learning, robotics, social networks coupled with Internet of Things (IoT) are creating new opportunities for innovators in the Insurance space.

According to Gartner, there will be over 26 billion connected devices by 2020. While IoT is essentially the linking of physical objects with sensors embedded, the technology is slowly altering the way people use devices and insurance professionals are savvy-ing up to this behavioral change.

Insurers are trying to exploit technologies to differentiate high risk from low risk and come up with differential product and pricing for both retail and corporate customers. Powered with technology insurers are thinking beyond distribution and focusing more on value additions for customers and investing in technology startups. View More