5 ways IoT will transform the insurance industry
The U.S. Insurance industry is the world’s largest insurance market where 6,118 companies, employing 2.5 million people, have net annual premiums of $1.1 trillion. Yet, despite its size and overall financial health, the insurance industry is likely to experience profound change driven by a fast growing and ubiquitous force – The Internet of Things (IoT). With 6.4 billion devices already connected and 5.5 million new devices added every day, the IoT’s real-time data collection and sharing power will create significant, new opportunities in finer product segmentation, more specialized pools of risk and predictive modeling to better assess risk, improve loss control and accelerate premium growth.
Insurance expert and technology business model pioneer, Vik Renjen, SVP Sutherland Global Services, discusses how insurance companies can use the IoT to become more nimble and profitable.