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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Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
