The insurance industry has been going through a paradigm shift over the past couple of decades, adapting to a rapidly evolving technological landscape and changing customer preferences. The principal-agent relationship is being continually disrupted through routine changes in the roles of the stakeholders in the insurance ecosystem. With the technology playing field now firmly established, it has triggered insurers to realize data may be at the very heart of their business ambitions, not seldomly leading to becoming a self-declared ‘data-driven’ company. IoT sensors hold high importance when it comes to data collection at various stages of a policy life cycle, and insurers have to recognize to “thrive on good data and thrive on data for good”.
This whitepaper comprehensively talks about various dimensions of IoT and its application in various lines of business in insurance – drivers, use cases, benefits, challenges and the future roadmap.