Internet of Things offers insureds added value

The Internet of Things is transforming the way we live and work. And we believe it can change the way risk is managed and underwritten. Last year, the number of connected “things” surpassed the number of human beings on the planet. Many of us live in homes with smart devices that monitor our energy consumption or operate our lighting or wear devices that track our health.

The Internet of Things is transformative for business processes too, and is being used to great effect across all sectors. Not only is IoT streamlining many processes for companies, it can also be used as a risk management and loss prevention tool.

This article highlights how the IoT offers insurers the potential to transform both the underwriting and the claims process – to the benefit of insurance buyers.

Topics covered:
• Fraud detection.
• Increasing precision in underwriting risk.
• Automating the claims process.
• Looking to the future.
• Risks associated with IoT.