From fitness trackers to drones, how the Internet of Things is transforming the insurance industry
The ability to bring internet connection to nearly every type of consumer device will have huge implications for the insurance industry over the next five years. Insurers looking to cut costs, improve business practices, and better assess clients' risk levels, will increasingly invest in the Internet of Things (IoT).
Some auto and health insurers are already offering a new type of insurance - usage-based insurance (UBI) that uses IoT devices to track clients' activity and offer discounts or rewards for healthy and safe behavior. We expect 17 million people will have tried UBI auto insurance by the end of this year.
In a new report from BI Intelligence, we examine the impact of the IoT on the insurance industry. From free fitness trackers to track individuals' exercise habits to drones to assess damages in unsafe post-disaster conditions, we analyze current US insurance markets - including the auto, health, life, and property insurance markets - and look at ways insurers are integrating IoT devices.
Don't be left in the dark: Stay ahead of the curve and access our full report to get everything you need to know about trends in insurance and the IoT. All in an easy to understand format with helpful graphs. Get the report now >>
Here are some key points from the report:
- Auto insurers are the leading adopters of UBI insurance models. By 2020, over 50 million US drivers will have tried UBI insurance, according to our estimates.
- Healthcare insurers are giving customers free fitness trackers and offering lower premiums or other benefits for meeting daily exercise goals.
- The IoT is also helping insurers reduce risk and mitigate costs in other ways.
- Home insurance companies are incentivizing customers to install connected devices that warn of potential danger to properties.
- IoT-based analytics can be used to predict future events, such as major weather patterns. This can help insurers better price policies and prepare customers for upcoming incidents, which should help reduce damages.
- Property insurance companies are increasingly using drones to assess damages after an incident has occurred. Consulting firm Cognizant estimates that drones will make insurance adjusters' work flow 40%-50% more efficient.
This is just a small piece of our comprehensive 21-page report. Become an expert on the topic by accessing the full report now »
In full, the report:
- Forecasts how much auto insurance companies will save from advancements in car safety technology.
- Identifies potential barriers that could keep consumers from adopting UBI insurance policies.
- Examines how various insurance companies are already utilizing the IoT.
- Analyzes how startup insurance companies are optimizing the use of IoT devices.
- Discusses how consumers will benefit from insurance companies utilizing the IoT.
Don't wait to become a subject matter expert, get the full report now »
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- 9 health benefits of drinking sugarcane juice in summer
- 10 benefits of incorporating almond oil into your daily diet
- From heart health to detoxification: 10 reasons to eat beetroot
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market