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Smart Devices for Smarter Insurance

With the advent of AI and cognitive automation at a rapid pace, there has been a holistic approach to insurance automation. Automation and IoT are already a reality for insurance. As per reports, AI in insurance reduces premium costs up to 25% while automation can help cut the claim processing cost by 30%.

Innovation and technology are the next frontiers in insurance. As many insurers have set out on a journey of smart insurance it has expanded their reach into more ecosystems than ever before.

The DriveSmart Service by Bajaj Allianz- a car insurance company, is an implementation of IOT in insurance. The service monitors the car through a vehicle tracking device and provides relevant diagnostics data of the car driving performance. The data derived not only helps in insurance claims but also aims at safer driving and lowered fuel costs.

The Global wearable fitness tracker (Fitbit) market was valued at $17,807 million in 2017 and is expected to increase at a CAGR of 19.2% by 2023 to value at $62,124 million. Fitbit for insurance marks the beginning of the revolution in the healthcare insurance industry. Several other such intelligent medical devices are underway to follow up.

Changes in the demographics, technology and business models have opened up a plethora of opportunities for the insurance industry. Let us have a look at some of the smart devices that are contributing to smarter insurances.

 

  • Liberty Mutual: Liberty mutual is in partnership with Google’s nest to install smoke alarms in the house. It reduces the risk of fire and at the same time offers lesser premiums. It is an excellent example of IOT in insurance where insurers are taking help of smart devices to design their premium plans. Such insurance not just gauges the loss but at the same time acts as a precautionary measure to prevent the damage.

 

  • Erie Insurance: The big dream of using drones for property inspection was realized by Erie insurance. They claim to be the first in the market to take the permission of the Federal Aviation Administration (FAA) to use drones for commercial purposes.

Reports suggest that each year 377 million workers are injured during their work hours and real-time data can be helpful to create better safety guidelines and assess risk.

Drones are of great help when it comes to inspection of endangered areas where human reach is troublesome and risky. They not only help with faster claims processing but also in risk assessment.

  • Beam Dental: A dental insurance company that provides customers with a smart toothbrush to assess their oral health. Based on this information they craft their dental insurance premium plans.

 

  • Oscar: A health insurance company that has partnered with Misfit and is providing its customer with a Misfit flash tracker to help them get fit. Each customer receives a $20 Amazon credit if they can achieve their present goals.

Insurance is at its highest levels of penetration of 3.49%, with revenues from premiums expected to touch US$280 B by FY2020. The opportunities are clear for the emerging market. Mantra Labs is an AI First InsurTech Products and Solutions Firm working with the largest Insurance companies in India & the World.  We help in tapping the potential of the existing workforce and combining it with the emerging smart technology, to leverage the smart insurance industry.

https://www.bajajallianz.com/Corp/motor-insurance/drivesmart.jsp

10 real-life examples of IoT in insurance

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What If the Sun Took a Day Off?

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Ever wondered what life would be like if the Sun took a day off? Picture waking up to an Earth shrouded in darkness, where temperatures drop dramatically within hours, plunging the planet into an icy chill. Plants, deprived of sunlight, would halt photosynthesis, leading to a food production crisis. Our reliance on renewable energy would face a sudden halt, causing widespread blackouts and chaos in cities across the globe.

A day without the Sun would throw our world into chaos! Luckily, that’s never going to happen (at least in our lifetime!). But this thought experiment underscores the Sun’s critical role in our lives and highlights why harnessing solar energy is so vital. While we’re increasingly turning to solar power, we are still missing out on capturing a massive amount of solar energy that falls on Earth every single day.

How Much Solar Energy Are We Missing Out On?

Every day, the Earth receives about 173,000 terawatts of solar energy from the Sun—more than 10,000 times the world’s total daily energy consumption. Despite this abundance, we only capture a tiny fraction of this energy. In 2023, solar energy accounted for just 4.5% of global electricity generation—a huge opportunity waiting to be tapped.

If we could capture just a small percentage of the Sun’s energy, we could power the entire world many times over. The total solar energy that hits the Earth in just one hour could meet the world’s energy needs for a full year. Yet, due to limitations in solar panel deployment, technology efficiency, and energy storage, the vast majority of solar energy goes unused each day.

As we improve solar technology and infrastructure, capturing more of this energy becomes not just a possibility but a necessity for a sustainable future. Let’s dive into how cutting-edge technology is making solar energy more accessible and efficient, helping to turn this untapped potential into real, usable power.

How Tech Makes Solar Adoption Easier

Customer-centric technology is revolutionizing the way we adopt solar energy. Imagine an app that allows you to simply point your smartphone at your house to estimate how many solar panels you need, their ideal placement, and the energy they can generate.

Here are the key benefits of this innovative approach:

  • Precision: By capturing images of your property through satellite, the app calculates the optimal placement of solar panels for maximum energy production. Studies have shown that precise placement can increase efficiency by up to 20%.
  • Customer Engagement: Users receive real-time insights into their energy production, helping them understand their solar power system better, whether they’re using Tesla solar panels, solar power generators, or even solar attic fans to optimize home energy usage
  • Seamless Experience: With user-friendly interfaces, consumers can easily monitor their solar systems remotely and receive updates on their energy output. This accessibility is crucial for encouraging the wider adoption of solar technologies.

The Tech-Driven Shift Toward Sustainability

As solar technology evolves, so do the solar panels themselves. Innovations like Tesla solar roof systems, flexible solar plates, and bifacial panels are redefining what’s possible in renewable energy. Even smaller systems—such as portable solar generators and solar air conditioners—empower homeowners to harness solar power efficiently.

Photovoltaic (PV)  panels, the cornerstone of solar energy, have seen incredible advancements, now boasting efficiencies of up to 22%. This means fewer panels are needed to produce more energy, making solar energy more effective for a wide range of applications, from solar shingles to off-grid systems.

Moreover, the push towards cradle-to-cradle sustainability is reshaping the industry. New solar panels are being designed with recyclability in mind, reducing their environmental footprint. Innovations in recycling technology now recover up to 95% of materials from end-of-life panels, ensuring that even the oldest solar systems contribute to a greener future.

While solar technology continues to advance, solar panels themselves are becoming more efficient and environmentally sustainable. Innovations such as systems, flexible solar plates, and bifacial solar panels are pushing the boundaries of what’s possible in renewable energy. Even smaller systems like portable solar generators and solar air conditioners are empowering homeowners to tap into the power of the Sun efficiently and sustainably.  Photovoltaic (PV) panels, the cornerstone of solar energy – now boast efficiencies of up to 22%​. This means a smaller array of solar panels for home or commercial use can generate more electricity. This makes solar energy systems more appealing and effective for various applications, from solar roof shingles to off-grid solar systems.

Moreover, the move toward cradle-to-cradle sustainability—where solar panels are built from materials that can be easily recycled—has gained traction. This reduces the environmental footprint even further. Innovations in recycling can recover up to 95% of materials from end-of-life panels, According to PV Cycle​, with room for improvement in recycling.

Making Solar Affordable and Accessible

Historically, one of the biggest barriers to solar adoption has been the cost. But things are changing fast. Innovations in financing models, such as Power Purchase Agreements (PPAs) and solar loans, have significantly reduced the financial burden of installing solar systems. According to the Solar Energy Industries Association (SEIA), the average cost of solar installation has dropped by over 70% in the last decade.

Couple that with federal and state incentives like the Investment Tax Credit (ITC), which provides a 30% tax credit on solar installations, and solar energy is more affordable than ever. Net metering programs, which allow homeowners to sell excess energy back to the grid, further enhance savings, making solar not only accessible but also financially rewarding.

Conclusion

The future of solar energy goes far beyond rooftop panels—it’s about making the entire solar experience intuitive, accessible, and sustainable. With smart apps and tech-driven tools, consumers can now manage their solar energy systems with just a few taps on their phones, making the shift to green energy simpler and more engaging.

At Mantra Labs, we’re at the forefront of this solar revolution. We’ve helped some of the world’s largest solar providers develop cutting-edge, customer-friendly solutions. Our mobile apps allow users to estimate solar panel needs, monitor system performance, and even track their environmental impact—all from the convenience of their smartphone.

Together, with innovative tech and a commitment to sustainability, we’re building a future where solar energy isn’t just an option—it’s the smarter, more accessible, and greener solution for everyone.

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