The Internet of Things (IoT) offers insurers an unprecedented opportunity to develop new products, connect with customers and help prevent—not just insure—risk.

Much has been made about the Internet of Things, or IoT, and its affect on the insurance industry. To date, telematics has captured a lot of the attention, but Accenture’s survey of more than 400 insurance executives shows that connected homes and buildings, as well as health and fitness monitors, are hot topics for insurers. Importantly, our research shows a two- or three-fold increase in the number of IoT-related products, services and pilots in play.

Many insurers are planning, or have launched, new connected insurance products and services

Click the image below for a large version of the Insurance Insight of the Week.

The Internet of Things is a game-changer, and insurers are responding with connected products and services

Leading insurers see the IoT as an opportunity to drive growth in new directions. Access to deeper, more relevant customer data can help insurers better service existing customers, and can be a boon during the claims process. Even better, the IoT can unlock opportunities for insurers to mitigate, not just cover, risk—enabling them to become part of their customers’ day-to-day lives and deliver better outcomes.

In this Insurance Insight of the Week video series, I’ve highlighted four of the six key findings from the Accenture Distribution and Agency Management Survey. I encourage you to register to read the full report, which includes more discussion on the survey’s findings, as well as recommendations for how to leverage digital to capture opportunities in today’s market—and in the future.

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