With billions of IoT devices and many IOT applications today, this application plays an important role in facilitating human life by bridging physical and digital gaps. There are many outcomes of this IOT application in all industries in the form of smart houses, connected cars, connected health care, can be used smart, smart real estate, intelligent insurance products, etc. However, the importance of IoT in the insurance sector has been more dominant today with pandemics around. Some of the most common types of insurance include home insurance, health insurance, automotive insurance, etc. The importance of iot applications in insurance continues to affect customers in a significant way and relieve life for customers in many ways.
IoT application in insurance - market view
IoT application testing.
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According to Marketsandmarket, the Global Iot Insurance Market is expected to be worth USD 42.76 billion in 2022, growing in CAGR 65.89% during the estimated period (2016-2022.)
The McKinsey Global Institute predicts that IOT will have an economic impact between $ 4 trillion and $ 11 trillion in 2025.
According to the Microsoft 2020 IoT signal report, Covid-19 has accelerated the level of iot adoption. One of the three decision makers said their organization would increase investment in IoT because Covid-19, while 41% said they would maintain the same level of commitment.
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Some important use cases of IoT in insurance
Use the IoT case
Smart House:
There are various IoT devices such as smoke detectors, leak detectors, smart locks, air conditioners, etc., that users can control through the connected IOT application. This application that supports IOT tells users in an emergency and helps them take safety steps. In addition, this IOT application greatly reduces the possibility of all possible disasters at home and is rightly helping to reduce home insurance claims to a certain extent.
Connected car:
Today, the car is connected to the iot application via telematics. Telematics devices collect data from within the vehicle and send them to IoT Cloud. This data is then driven into the telematics application, where stakeholders analyze it to make decisions based on information. In the case of accidents or mishappenings, notifications are automatically sent to insurance companies, which produce faster processing of insurance claims.
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Commercial Insurer:
With the help of IoT devices, applications, and sensors embedded in industrial units, commercial insurance companies adopt a dynamic ranking model that allows risk-based price determination for customers. The availability of real-time data is activated by IoT applications help insurance companies to manage risk and minimize losses significantly.
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Connected health system:
The connected health system has enabled the interaction between health care systems, IoT applications, can be used, and health professionals. Some IOT solutions track and monitor people's heartbeat, number of steps, blood pressure, etc., in real-time and enable better health services. Healthy people use this data to provide discounts and special offers to customers.
Smart WeaTables:
Smart WeaTables such as Fitbit, Fitband, etc., and several other smart health applications such as Google Fit, Strava, Sports Tracker, etc., Track and monitor individual health in easy and innovative insurance Track this real-time data of the insurance policy customization and offer Discounts to individuals who follow a healthy lifestyle.
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Construction connected / intelligent real estate:
The real estate sector is very competitive and involves a number of risks. IOT technology connects work locations, machinery and workers and thus allows insurance companies to monitor sites virtually, assess land stability, and collect real-time data.
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Smart Underwriting:
Traditionally, insurance agents must collect and rely on information provided by applicants.
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