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The Internet of Things is revolutionizing technology as we know it. The insurance industry, however, was not one of the sectors anyone would have expected this technology to take off. But, it is. IoT technology applications within the insurance industry are just starting to gain momentum. Here are the five ways insurance IoT applications are revolutionizing the industry unexpectedly that all techies are sure to want to know.
Snapshot
Progressive Snapshot is perhaps the most well-recognized IoT application within the insurance industry. This car gadget allows you to track and send real time driving data to your insurer. This helps to lower costs for Progressive customers. The Snapshot was the first IoT insurance application the mainstream market was exposed to. Clearly, it was the first step to revolutionizing the industry with a metabase of policy holder data.
Reduced Risk
Insurance IoT devices allow for reduced risk for all involved. With new smart home devices, insured homeowners can be notified immediately of possible issues like water leaks and potential break-ins. This can help prevent disaster, which mitigates risk for insurers. That lowers costs for consumers and benefits every stakeholder. This is certainly one of the most exciting ways that IoT gadgets are revolutionizing the insurance industry.
More Accurate
The IoT allows health insurance providers to offer more accurate premium pricing to consumers. How so? Wearable fitness trackers, like the Fitbit or even trackers found in budget phones, can help policy holders prove their health and fitness levels to insurers. This helps those insurers provide more accurate pricing figures, which makes for happier customers.
Lower Costs
IoT technology can also help lower costs for insurers themselves. IBM Watson Customer Insight for Insurance, for instance, provides insurance companies the information they need to uncover insights that lead to higher customer satisfaction. That helps lead to less churn, which lowers company costs substantially over the long-term. This is huge for insurers and policy holders, who will no doubt experience the benefits of this change too.
Continuous Improvement
Insurance IoT applications are a learning technology. They allow insurance companies to continuously improve the services they provide to policy holders. Having more information at their fingertips regarding consumer behavior allows these insurance companies to figure out the best services for their policy holders. It also helps them figure out how to add more value to insurance services for policy holders overall. This will no doubt revolutionize the ways insurance companies and policy holders interact for years and years to come.
If you love all things technology, you probably love hearing about the ways the Internet of Things is changing the insurance industry. Surprisingly, the IoT has huge implications within the industry. Remember these five insurance IoT considerations to prepare yourself for the new age of improved insurance/police holder relations and insurer services.
Photo from https://www.ibm.com/blogs/internet-of-things/insurance/
