The insurance industry has emerged as a new and significant player in the IoT space. Real-time data collected and transmitted by a growing crop of connected devices provides a new opportunity for insurance companies to deliver value by preventing loss and mitigating damage. Parks Associates research indicates 51% of US broadband households find an IoT device that alerts them to smoke and fire highly appealing.
Insurers in the home, property, auto, and health markets gain valuable insight into customer behaviors through connected device data. They can use this new stream of information to mitigate their risk and lower consumer premiums. Perhaps as importantly, they represent an alternative source of revenues for connected solution providers.
Source: ISE Magazine, January 2017, Volume 35, Issue 1