Impact of IoT on Insurance Industry

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Impact of IoT on Insurance Industry
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Table of Contents
1
Introduction
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3 Impact of IoT on Insurance Industry

• Catalyst to Modernization
• Enabling New Opportunities
• Advanced Analytics

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Conclusion
3
Introduction
IoT insurance industry will change the outlook
completely. It helps insurers gather data about
our everyday lives and the environment. With
massive data in access, it will allow insurers
price premium based on the customer profile and
make premium cheaper for lower risk profiles.
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3 Impact of IoT on Insurance Industry
Catalyst to Modernization
Enabling New Opportunities
Advanced Analytics
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Catalyst to Modernization
Insurance process platforms connected with
different systems and data quickly and
efficiently will assist insurers in better manage
risk. It will enable insurers to integrate
gathered data into the legacy system.
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Enabling New Opportunities
Access to remote-sensor data presents new
opportunities to successfully integrating
information into insurers data-gathering
processes, IT architecture and everyday business
operations.
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Advanced Analytics
With powerful machine-learning technology capable
of analyzing all kinds of data, IoT insurance
will help insurers optimize processes and
increase productivity.
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Conclusion
Though IoT insurance industry is not fully
developed now. However, in the upcoming years, it
will transform the way the insurance sector
operates. Moreover, the adoption of IoT by
incumbent insurers will require a complex
ecosystem that will help reinvent the business
faster.
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