The Internet of Things (IoT) is growing at a rapid pace, from two billion connected objects in 2006 to a projected 200 billion connected devices by 2020.
The proliferation of connected cars, homes and health devices is paving the way for a digital economy that will change the way we work, live and function as a society.
|Reshaping business
This directly impacts the insurance industry, with big data and the IoT reshaping the way insurance companies conduct business.
Insurance was invented at a time when it was impossible to be connected or observe the underwritten objects. Insurance carriers did not have the ability to monitor millions of homes, cars or the health condition of policy holders.
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