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Internet of Things Set to Revolutionize Insurance Industry
The term Internet of Things (IOT) was coined at around the same time when the number of devices connected to the Internet first exceeded the total world population. The total IOT devices have been projected to balloon to 50 billion by the year 2020, according to an oft-quoted Cisco IBSG white paper, and as many as 200 billion according to a joint study by IDC, Intel and the United Nations.
This is the era of internet-connected cars and smart home devices, and they will only become more advanced and numerous. Naturally, insurance companies are chomping at the bit for more relevant data to refine the assessment of insurance policies for homes, cars, businesses, and health, just to name the most popular coverage types.
“Is your car equipped with optional rear airbags?” This question sounds like it might yield a lower insurance rate if one were to answer yes – very tempting. Sometimes people might not even know for sure if their car came with the option.
“Is there a smoke detector in every room?” This is another question that a lower insurance rate might be on offer if one answered to the affirmative.
In the near future, once the IOT permeates every facet of life, insurance companies can just retrieve all relevant information from the connected devices. Not only will they get more accurate information, they will also have more data on hand for better analysis.
It’s not just limited to insurance companies. Companies across the spectrum are using IoT to increase efficiency and data collection. For example, Toronto Junk Removal Company, Junk-Hero, attached online-connected devices to each truck to gather advanced analytics to optimize scheduling and number of deliveries / day.
“Is your car equipped with optional rear airbags?” This question sounds like it might yield a lower insurance rate if one were to answer yes – very tempting. Sometimes people might not even know for sure if their car came with the option.
“Is there a smoke detector in every room?” This is another question that a lower insurance rate might be on offer if one answered to the affirmative.
In the near future, once the IOT permeates every facet of life, insurance companies can just retrieve all relevant information from the connected devices. Not only will they get more accurate information, they will also have more data on hand for better analysis.
It’s not just limited to insurance companies. Companies across the spectrum are using IoT to increase efficiency and data collection. For example, Toronto Junk Removal Company, Junk-Hero, attached online-connected devices to each truck to gather advanced analytics to optimize scheduling and number of deliveries / day.
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