Insurance companies talk about new product development and speed to market, but true innovation is rare in the insurance sector. However, connected, communicating devices, often referred to as Internet of Things (IoT) could be one technology to revolutionize the industry.
Sensors offer unprecedented access to granular data that can be transformed into assessing risk more accurately. For many insurers their initial exposure to IoT has been via telematics devices. But today sensors are used in thousands of different devices. Sensors are used in buildings and bridges to monitor for structural defects and mitigate potential losses. Life insurance companies are using the data from wearable devices like FitBit and Nike+ FuelBand to better assess the health of the life insured. And, sensors are being implanted into animals to track and identify livestock, helping insurers rate and price agricultural insurance more accurately.
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