IoT (Internet of Things) insurance has changed the insurance industry as it facilitates customers with a wide-ranging product offering and accessing options. It improves customer relationships, achieves a precise understanding related to their customer coupled with their altering needs. Therefore, as outcomes improve the insurance model, there is a demand for novel technologies related to it. The deployment of interconnected devices with real time data in the insurance industry is known as IoT insurance. The IoT supported devices aid insurer to provide data, which can be utilized to reduce risk, manage claims, and spot various frauds. The trouble-free settlements of claims, the establishment of analytical value from acquired data, and the advancement of flexible insurance products for various segments of the market are some of the advantages of the IoT in insurance technology. The privacy of user identity and over-reliance on technology restrain the implementation of IoT in insurance.
The rise in inclination toward IoT and augmented demand for IoT-enabled devices in the insurance industry chiefly boosts the IoT insurance market. Furthermore, a surge in the practice of cloud computing across the insurance segment and enhanced insurance service due to the implementation of IoT also impels the market expansion. The confidentiality of the data and complicated communication standards mainly restrain the market. Advancement of new insurance model on the basis of smart devices, rise in need to cover the devices like smart automobiles, and analytics based on data presented by IoT devices for the upgrading of business forms ample opportunities in the global IoT insurance market. Nevertheless, the unawareness about the benefits of IoT devices, lack of customer engagement, and the inaccessibility of skills to operate IoT devices are main challenges for the IoT insurance market.
The global IoT insurance market is predicted to grow at a significant rate in the upcoming years. The increasing implementation of IoT products across developed and developing countries, surging demand for cloud platform, and other value-added services across the insurance industry are the key driving factors for this market. The IoT-supported devices offer intelligent data for insurers to help them in tracking health, identify abnormalities, and lower perils for policyholders. The real-time evaluation of data would improve the relationship between the policyholders and insurers.
The market is mainly recognized by moderate competition. The prominent players implement business techniques like acquisitions, mergers, collaborations, and partnerships to expand their product portfolio & customer reach. Product innovation is the main market strategy adopted by various suppliers to create a leading position in the market. On a similar note, IBM Corporation unveiled its IoT Watson Headquarters at Munich, with a partnership with prominent vendors in the IoT market like BNP Paribas SA; Avnet, Inc; Tech Mahindra Limited; and Capgemini SE for advancing a better IoT system in February 2017.
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