Study: Insurers start cashing in with the Internet of Things

Study: Insurers start cashing in with the Internet of Things

Study: Insurers start cashing in with the Internet of Things
(Image: Deloitte)

45 percent of insurance executives are beginning to look at ways to gain revenue using Internet of Things devices, and are confident it will drive revenue over the next three years, according to a new Accenture report.

The report reveals that insurance companies are now looking to invest in a number of IoT-focused areas, such as analytics to process data from these devices. Almost half of those surveyed are launching or piloting big data analytics programs, with 58 percent saying that they were using analytics at the point of sale to deliver real-time insight is a high priority.

39 percent of participants are interested in using IoT technology in home and building insurance plans, with another 39 percent looking to leverage fitness wearables in health insurance plans. This is over double last year’s 14 percent, who wanted to use smart technologies in home or building insurance plans, and the 10 percent interested in using wearables in health insurance plans.

Business Insider reports: ‘IoT technologies, combined with data and analytics, will have a massive impact on insurance, particularly the health insurance market. There is a great deal of demand among consumers for health and fitness data from wearables, and we believe consumers would jump at the opportunity to provide that data to their insurer if it would lower their premiums.’