Published on Aug 31, 2017
Updated on Oct 15, 2019
Internet Of Things is helping the Insurance Industry as well. Based on the reports we have read it is all set to transform the insurance industry in flexible and exciting ways. Last month Accenture insurance blog stated that 39% have already launched or are piloting connected home or connected building initiatives that use the Internet of Things, and 44% consider connected devices to be a driver of future insurance revenue growth.
Future insurance is set to be completely transformed because of IoT. There are already some insurance companies that have adopted IoT and Insurance Tech such as Bajaj Allianz, ICICI Lombard, HDFC life.
Image Source: iamwire
In this article we plan to discuss how IoT is helping in home insurance, auto insurance, and health insurance businesses.
Health Insurance:
Wearable devices such as fitness bands such as FitBit are helping people, especially elderly, to track their health details constantly. This information can further help doctors treating the patients requiring immediate medical attention. Insurance companies, at