How the Internet of Things (IoT) is Adding Proactivity to Insurance

20 pagesIn recent years, the insurance industry has seen a major shift in how data is used, specifically in the realm of risk prevention. Advancements in technology within the Internet of Things (IoT) have enabled more comprehensive data analysis, changing the way the industry views risk. This has led to an increased emphasis on solutions that are proactive, preventing risk as opposed to merely mitigating losses. Despite the industry being historically slow-moving and focused on response to risk, new offerings are now promoting prediction and prevention of risk. This report will explore the implementation of the Internet of Things into the insurance industry. First, the concepts of IoT and proactivity will be described. The state of the insurance industry will then be examined, followed by the culture of innovation within insurance companies and how it holds a significant role in driving the industry forward. A select overview of insurtech solutions that contribute to the theme of proactivity within IoT will be detailed. To follow, looming adoption issues will be addressed. Finally, the report will outline up-and-coming strategies in the industry, including the rising trends of integration and gamification