IoT in insurance industry insights report.
In collaboration with Tokio Marine’s Innovation Lab in London, we present this report on how IoT is taking risk prevention and mitigation to the next level and what these indicators relay about the future of home, SMB, and industrial insurance.
The use of sensors and smart devices is increasing rapidly at nearly all levels of society, resulting in more data being generated in real-time. Regardless of the product line, insurance companies can gain valuable insights from such data. In addition to improving risk assessment, the data from sensors allows for the prediction and prevention of risks, as well as offering broader insurance coverage.
"IoT offers insurers the opportunity to rethink how they underwrite and do risk management by designing tailor-made products and services for a rapidly changing world. Those who embrace the new world of harnessing IoT data will create business resiliency and remain leaders amongst their peers."
- Daljitt Barn, Global Head of Cyber Risk, TMHD