Search
 

The Internet of Things: Insurers must prepare for disruption, customer impact

The IoT stands to transform the P&C industry, disrupting existing insurance modelsand unlocking growth and profitability for those who act

By Joseph Reifel, Alyssa Pei, Shamik Lala, Neeti Bhardwaj | Updated on March 17, 2015

The P&C insurance industry is about to be turned on its ear by the Internet of Things (IoT). For P&C insurers already facing growth and profitability issues, long-term signs are pointing to accelerated change and new challenges that will require new strategies to address changing customer behavior and view of risk.

The IoT is a web of smart inter-connected devices, people, and organizations that is a wild west of opportunity and innovation, with 30 billion devices impacting 6% of global economy by 2025. The greatest impact will be disruption through redistribution of $3 trillion in revenues, thus creating winners and losers. Within the next decade, IoT will be pervasive, with billions of connected “things” driving a data explosion with sensors embedded in cars, buildings, and wearable devices—so much so that a family of four could have more than 100 connected devices.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2024 ALM Global, LLC. All Rights Reserved.