Let me state it plainly: the Internet of Things (IoT) will completely transform the insurance industry as we have known it. In fact it has already begun to do so—if only in relatively trivial ways so far. The real inflection point will occur when insurance carriers begin to analyze IoT data outputs to develop and sell personalized insurance products and price them individually and dynamically. This transformation is only just now being made possible by the convergence of several powerful forces: the rapid adoption of mobile technology, digitization, the ability to cost-effectively store, manage and analyze enormous volumes of data (unstructured as well as structured) and the emergence of prescriptive analytics.