Big Question for Insurers Not Tech but Whom to Partner With for IOT InsurTech

I would start with a quote by Edewede Oriwoh: The Internet of Things is not a concept; it is a network, the true technology-enabled Network of all networks. I truly believe that this is just the beginning we are witnessing. As per Gartner, 20.4 billion connected things will be in use by 2020 with consumer segment having the largest number of users (60% of the market). The IoT endpoint spending worldwide is expected to be over $2.9 trillion. The cross-industry devices, such as those targeted at smart buildings (including LED lighting, HVAC, and physical security systems) will be in demand as connectivity is driven into higher-volume, lower-cost devices.

With the insurance industry trying hard to navigate what I believe to be a sinking ship, the IoT seems to present a ray of hope. IoT has enabled the evolution of core business models, centered on need servicing, data-driven decision-making, and predictive advisory. Traditionally, business models revolved around product provisioning and one-time sales. The IoT has presented an opportunity for cross-sale/up-sale, thus identifying new sources of revenue generation.

Insurance Pain Points

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