THE INSURANCE AND THE IoT REPORT: Examining how insurance companies are leveraging IoT solutions

BI Intelligence

Insurance companies have been leveraging IoT devices to get better insight into their insured clients and differentiate their product offering. This helps lead to more accurately priced premiums, better models for future payouts, and increased customer retention.

Upon examining the market, we've identified market leaders, the benefits they are seeing and how their success can be replicated by other insurance companies. For example, Progressive has been very successful in implementing their usage-based insurance policy called Snapshot because they have marketed the product well and raised customer awareness.

In this new report from BI Intelligence, we examine the ways the IoT will affect the insurance industry. We include industry forecasts, examine top trends, and identify the ways insurance companies continue to leverage the IoT. Further, we examine how insurance companies are using drones to evaluate property losses and discuss the rise of cyber insurance that is taking off due to the proliferation of IoT devices.

Here are some of the key takeaways:

• 75% of insurance execs expect they will feel pressure to innovate from new data sources, such as IoT devices, within three to five years, according to a survey.
  
• Of the types of insurance, auto insurance is leveraging IoT solutions the most. Usage-based insurance (UBI) policies continue to grow at a fast pace as more consumers try them out.
• If wearables become more mainstream and usage increased they will provide the most valuable data for insurance companies, according to a survey of insurance executives. 
• Insurance companies will have to secure customer data and be transparent about the information that is collected in order to get consumers to try IoT policies.

In full, the report:

• Identifies market leaders implementing IoT insurance policies in the auto, health, life, and home insurance markets
• Discusses consumer willingness to try IoT insurance policies
• Examines the barriers in the market

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