Novel technologies are restructuring the insurance sector and opening novel opportunities in areas such as Property and casualty (P&C), health, life, and auto and re-insurance markets. Nowadays, insurance companies are implementing internet of things (IoT) to reorganize field operations, accurately analyze risks, enhance customer engagement, keep pace with compliance, and improve competitive advantage.
IoT technology has entered customers’ everyday lives and renovated business models in various industrial verticals. The implementation of IoT in the insurance sector is paving way for novel opportunities for insurers for developing novel products, open new distribution channels, and outspread their role to include estimation, avoidance, and support in terms of threat.
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Why is the Demand for IoT Insurance Rising?
Until now, insurers have mostly utilized IoT technology to enable communications with customers and to fast-track and streamline underwriting as well as claim processing. However, the growing developments in advanced IoT-based service and business models is highly attracting insurers’ attention. In advanced business models, digital networking using IoT can become a tactical factor for insurers. IoT-connected insurance uses information from internet-connected devices to enhance the understanding of threats.
IoT technologies empower insurance providers in determining threats more accurately. For instance, auto insurers have been relying on indirect signs, such as a driver’s address, age, and creditworthiness while setting insurance premiums. Use of IoT technology can help insurers in assessing the risk more precisely.
According to a report by Research Dive, the global IoT insurance market is foreseen to garner $402,990.0 million by 2027, at a striking CAGR of 54.0% from 2020 to 2027. The widespread growth of the market is mainly owing to the rising adoption of IoT technology among the customers. The insurance sector has started implementing IoT massively to track the consumers’ health, and manage and mitigate threats. Further advancements in the IoT technology can enhance overall productivity and efficiency of the business and also estimate the scope of risk.
In addition, the growing usage of cloud services in various sectors is significantly contributing to the growth of the global IoT insurance market. Cloud technology helps the person to maintain a track and claim the insurance without any difficulty. In the recent years, the insurance sector has greatly shifted to digital and is majorly reliant on IT networks for the implementation of cloud technology.
Additionally, the execution of the artificial intelligence in the IoT Insurance platforms is foreseen to be extremely promising for the market growth in the future years. All these factors, are likely to boost the global market growth in the coming years.
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Recent trends in the IoT Insurance Market
The IoT insurance market is highly competitive with the presence of both small as well as large scale Iot insurance providers in the global market. Some of the leading IoT insurance market players are Alphabet, SAP SE, Cisco Systems Inc., International Business Machines Corporation, Accenture PLC, Microsoft Corporation, Concirrus, Oracle Corporation Aeris Group Ltd, Telit, and others. These players are performing unique strategies such as partnerships and agreements, collaborations, new product launches, and others, to obtain a competitive edge in the global market. For instance,
- In May 2018, in cooperation with a group of investors, Talkpool, a global provider of IoT solutions and telecommunication network services, founded Nordic IoT Networks (Niot) with an aim to safeguard a quick roll out of a LoRa network. This initiative is undertaken with an aim to fulfill the growing customer demands for IoT services owing to the rising number of IoT projects and deployment of sensors.
- In April 2021, the enterprise arm of Vodafone Idea (VIL), Vi Business, reinforced its IoT product range with the launch of Integrated IoT solutions for enterprises. With this launch, Vodafone Idea has become the only telecom firm in India to provide a secure end-to-end IoT solution that includes hardware, connectivity, network, analytics, security, application, and support.
- In June 2021, Chubb, the world's largest publicly traded property & casualty insurance company, serving consumers & companies of all sizes, launched its Internet of Things (IoT) service in Colombia. This service facilitates risk management to insured companies through integrated monitoring of their critical systems. This technology also helps insured companies in real time monitoring of their operations and predict risks to cope with conditions that might affect their security and operational permanency.
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Impact of COVID-19 on the Global IoT Insurance Market
With the outburst of the COVID-19 pandemic in 2020, the global IoT insurance market experienced accelerated growth. Implementation of IOT in the insurance sector has played a vital role, thus giving various companies a better understanding of the insurer. Most people have invested in insurance policies to safeguard themselves from unforeseen events during these unprecedented times. It is expected that the global IoT insurance market will observe significant growth even after the relaxation of the COVID-19 pandemic.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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