28 Nov Insurers are left behind in the insurtech digital innovation race: distribution and affilate partners are ahead of game
There is a lot of hype around IoT or Connected Insurance within the insurance market at present. Insurance Nexus want to understand the reality. Please contribute with your view to their survey and Insurance Nexus’ll provide you with the results: http://sgiz.mobi/s3/Connected-Insurance-Survey-2017
Insurance IoT, also defined as Connected Insurance, is any insurance solution based on sensors for collecting data on the state of an insured risk and telematics for remote transmission and management of the collected data.
There is a great variety of devices able to register data regarding moments of a person’s life, health, state of being, emotions, driving behavior and so on. The race to build ever new and engaging devices is far by over as manufacturers are competing in designing better tracking systems and gadgets. These items present great potential for the insurance industry through data and the interpretation of such data. The true value lies in sourcing the big amounts of data and applying it in a customized way to own business models in order to make them cost-efficient. But reducing the insurer’s cost is just one of the advantages brought by IoT and Connected Insurance. The other huge gap to be covered is a true relationship with the client that demands attention and personalization of insurance products. It appears that IoT can benefit everyone and could even help improve the quality of life for those customers who are ready to step up the IoT game and let themselves be monitored throughout their daily lives.
So where is the industry now? Who is forward looking and setting the benchmark and who is having difficulties adapting to the new reality?
Over the next few months, Insurance Nexus together with the Connected Insurance Observatory will be publishing the Connected Insurance report: a study spanning the challenges and realities of Insurance IoT that cuts through the noise and focuses on the facts of implementation. A real picture on where the industry is at.
To start the process, they’ve designed a survey and would very much appreciate your input here: http://sgiz.mobi/s3/Connected-Insurance-Survey-2017
The survey will look at how advanced Insurers are with their IoT strategies and how they’re delivering products to the market.