IoT-Powered Transformation of the Health Insurance Industry

In 2018, we expect IoT devices to lead to personalized solutions in the area of health insurance, and lead to a move from Reactive Restitution models to Proactive Prevention models. – State of FinTech Report 2018, MEDICI

Insurance 2.0 will bring new business models, opportunities for niche positioning, as well as enhanced profiling and predictive decisioning, powered by ubiquitous device connectivity and real-time, actionable analytics.

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. Samsung alone is moving towards having their entire product line IoT-ready in the next five years. – Ron Schab ...