Growing consumer interest in connected home, vehicle, wearable technology and more presents opportunities—and challenges—for insurers.

As the Internet of Things (IoT) matures, it offers businesses the opportunity to leverage customer data to improve the customer experience, refine product and service offerings—and in general, deliver better outcomes. The Accenture Digital Consumer Survey found that by 2020, nearly half of consumers will own a connected IoT device. In this Insurance Insight of the Week, we’ll look at customers’ purchase intent over the next five years.

The success of the IoT depends on consumers’ digital trust

Clearly, there’s appetite for connected devices. But their value to businesses depends on the extent to which customers trust firms with their personal data. The majority of customers remain cautious about sharing their personal data, and businesses that wish to capitalize on the IoT need to foster digital trust with their customers. To learn more, read the report written by my Accenture Digital colleagues, Robin Murdoch and Paul Johnson: Digital Trust in the Internet of Things Era (PDF).

Consumers indicate strong purchase intent for intelligent devices over next 5 years

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

In addition, digital trust is one of the five trends identified in the Accenture Technology Vision 2016. Our insurance-specific report is coming soon, but in the meantime the cross-industry report offers plenty to think about.  Download Accenture Technology Vision for Insurance 2016.

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