While IoT may seem daunting, the benefits of insurers are many, and those who are prepared will win the long tail race for today’s connected insurer.
(Image credit: Gerd Altmann.)
Insurance, perhaps more than any other industry, now relies on the power of data to drive results. Today’s connected insurance revolution, at its core is about making insurance better through the Internet of Things (IoT). Insurers achieve sustainable competitive advantage by excelling in three domains: risk management, claims management, and customer management. Insurance IoT uniquely impacts all three of these core insurance competencies across lines of business. Insurers are already leveraging IoT to improve outcomes across almost every major line of insurance.
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