People around the world are increasingly connected. By 2020, an estimated 50-billion devices will connect our planet of 8-billion people, linking people with their homes, cars, work, medical information and communities. With this explosive growth comes tremendous opportunity.
The Internet of Things and connected insurance will generate an immense amount of data that insurers can analyze and monetize to provide more personalized products and services. Consumers are welcoming it. According to Accenture’s 2017 Distribution and Marketing Consumer Study, 46 percent of auto insurance consumers are interested in personalized services that can help them become safer drivers.
IoT also offers new ways of assessing risk. Aviva in the UK has partnered with HomeServe to install sensors to detect water pipe leaks in its customers’ homes. HomeServe will repair small leaks before a flood happens, avoiding serious damage and large claims.
To embark on this digital transformation insurers will need to develop new skills, build their data and analytics capabilities and create new platforms and ecosystems. Watch the video below to learn more about how insurers can benefit from the Internet of Things.