The report, Internet of Things in Insurance- Thematic Research gives a detailed analysis on how the latest technology has disrupted the insurance market, the recent trends, value chains and the global players in the market. Various recent studies show how the customers are losing trust and their low satisfaction with insurance companies. Internet and technology have become quintessential in people’s lives and they expect companies to adapt to it at the same time. Very few companies are using technology and IoT in their services and merely a third of the customers are satisfied with the quality of digital insurance. Technology in insurance will help a great deal in reducing the fraudulent claims and remove the problems of asymmetric information. Companies adopting IoT have easily been able to give personalised policies, detect frauds, pay the claims and document easily. Automation has also helped companies to cut costs.
Internet of Things (IoT) is simply all electronic devices in a space connected to the internet. It can be as simple as operating the AC with a phone and can go up to the refrigerator reminding to refill the ice tray or to buy milk. IoT will revolutionise the way we interact with technology and it will change how businesses and consumers interact with technology drastically. Insurance is one of the oldest industries and one of the unexplored areas by IoT.
However, a few companies in the past have used IoT to reduce fraudulent cases, study the depth of damage and reduce the claims payable to insured. Car insurers have been monitoring how well or poorly the insured is driving by ODB telematics dongle, charge premiums based on the data collected and informs the same to the owner to reduce the risk of accidents. Fire insurance companies have started installing devices in their customer’s houses and instantly send messages to their phones and thus reduce their premiums. House insurers encourage and incentivize the customers to use smart doorbells where the visitors can be viewed from the phones and increase the safety of the house. Various health insurance companies provide fitbits to their customers and incentivize them with entertainment, coupons and so on, promote for a healthier lifestyle and reduce the claims payable. Other insurance companies have started using drones to examine the area of damage and pay the accurate claim. Dental insurance companies make their customers use smart toothbrushes to monitor their dental hygiene and charge premiums accordingly.
The leading players in the market are Akamai, Amazon, Apple, ARM (Softbank), Atmel (Microchip Technology), Broadcom, CalAmp, Cisco, Ericsson, F5 Networks, GE, Google, IBM, Infoblox, Intel, Microchip, Microsoft, NXP/ Freescale, Qualcomm, Samsung, SAP, Software AG, Splunk, AlertMe, Arqiva, Arrayent, August, Ayla Networks, Balyo, Belkin, BigBelly, Canary, DroneShield, Electric Imp, EVRYTHNG, Fitbit, Libelium, Neul, Nordic Semi-conductor, Oort, Tado, Thingsquare, Aetna, AIG, American Family Insurance, Aviva, AXA, Church Mutual, John Hancock, Metromile, Progressive. The future of the insurance industry with IoT depends on machine learning, artificial intelligence and will generate copious amount of data which when strategically used can revolutionize the industry.
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Ankur Gupta, Head Marketing & Communications