1. Insurers Will Gain by Innovating for the Internet of Things

    Insurers Will Gain by Innovating for the Internet of Things

    The steady advance of the internet of things (IoT) presents a huge number of opportunities for insurers – as well as threats, according to a digest published by Efma.

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  4. Monetizing IoT

    1. By 2035, it is expected that there will be one trillion connected things, with 100 million supporting apps, The Insurance Implications of the Internet of Things.
    2. Our research shows that 45 percent of insurers believe this trend will be a major driver of revenue in the next three years.
    3. Nearly half of the more than 300 property and casualty, as well as multiline, insurers we canvassed already have connected telematics solutions on the market or in development.
    4. Others have developed intelligent virtual assistants – such as USAA, which provides intuitive responses to customers' requests, and Crédit Agricole Assurances – Pacifica, which has harnessed geolocation and tracking technologies to enable customers to request assistance in the event of a vehicle accident or breakdown.
    5. Retail giants, such as Google, Amazon and Rakuten, have already made advances into insurance or are expected to do so, World Insurance Report.
    6. Of all the possible threats, insurers view Google to be the most significant (40.8 percent), followed by self-insurance by product manufacturers and Amazon, World Insurance Report.
    7. Players like Google will very soon be able to calculate the cost of risk precisely.
    8. Determining who owns the data will go a long way in determining who is responsible for data security and privacy issues.
    9. Insurers must thoroughly rethink their value proposition to take account of the unprecedented disruption of the industry that IoT will cause.
    10. The value proposition, which covers not only products and services but also the customer experience, must be fundamentally changed to migrate to more personalized, on-demand service while improving the core business of the insurer.
    11. It is crucial that insurers develop strategic plans to address technological disruptors such as IoT and their related risks and opportunities.