InsurTech

Connected Devices & Insurance: Wire Your Life, Get a Discount

MEDICIGlobal Head of Content

50 billion devices will be connected to the Internet by 2020

“It is estimated that up to 50 billion devices will be connected to the Internet by 2020. This equates to approximately six devices for every person in the world. Of course, connectivity comes with a cost. Leading companies are budgeting more than $100 million annually developing IoT systems today. Companies as diverse as GE, IBM, Cisco, Samsung, and Monsanto are currently investing billions into their IoT and analytics initiatives.” – Ron Schaber, Second Vice President, Munich American Reassurance Company, in The Internet of Things and Life/Living Benefits Insurance

Insurance is one of the industries where connected devices will drive significant transformation. Driven by the ability to collect real-time health condition data, health maintenance organizations, businesses, and insurers will be armed with a foresight into appropriate risk management and loss prevention opportunities, as well as understand the impact of wellness programs and how to tune them for increased treatment efficiency and individual productivity. Some estimates even suggest that for every $1 spent on preventive care, employers can expect a $3 return. IBM shares that sensor-equipped devices transmit huge amounts of data and advanced analytical capabilities are needed...

Elena Mesropyan

MEDICIGlobal Head of Content

Global Head of Content, MEDICI

Elena is a research professional with a background in social sciences and extensive experience in consumer behavior studies and marketing analytics. She is passionate about technologies enabling financial inclusion for underprivileged and vulnerable groups of the population around the world.