The Future of Things: Impact of IoT on the Insurance Industry The insurance industry has been slow to embrace the Internet of Things (IoT), but it is steadily catching up. In the wake of the COVID-19 pandemic and the resulting shift in customer expectations and behavior, insurance companies are increasingly focusing on leveraging IoT to reap the benefits of faster claims settlements, improved operability, and more responsive services.
The Significance of IoT in Insurance The Internet of Things and insurance industry already offers an array of possibilities when it comes to business process automation. IoT is key to facilitating real-time communication between devices and systems that are located miles apart. Apart from helping insurers in sundry ways such as fraud detection, loss prevention, and improved customer satisfaction, IoT in insurance also helps customers enjoy lower premiums.
Popular Use Cases of IoT in Insurance Across the insurance industry, IoT use cases are continuously expanding and evolving. Let’s have a look at the most popular applications of IoT in insurance.
Smart Housing In the modern-day and age, an increasing number of people are showing interest in smart home technology. Smart housing setups feature internet-connected appliances and devices