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Property & Casualty Insurance and the IoT - Zachar ...
Property & Casualty Insurance and the IoT - Zachary Schmiesing, Verisk Analytics
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Pdf Summary
The document discusses the impact of the Internet of Things (IoT) on the insurance industry, highlighting the significant role of technology in reshaping various aspects of insurance, from product development to claims handling and customer experience. It emphasizes the potential benefits of IoT data for insurers, including improved risk assessment, personalized pricing, and enhanced customer interactions. The document also addresses the challenges faced by insurance companies and original equipment manufacturers (OEMs) in leveraging IoT data, such as scalability, data security, and privacy concerns. Additionally, it explores different IoT sub-segments, such as connected vehicles, buildings, people, and industries, and their implications for insurers. The importance of data exchange and collaboration between stakeholders in the insurance ecosystem is underscored as a means to capitalize on the opportunities presented by IoT. The document concludes by advocating for early adoption of IoT strategies and partnerships with data specialists to stay competitive in the evolving insurance landscape.
Asset Caption
Presented by:
Zachary Schmiesing, Verisk Analytics
Keywords
IoT
insurance industry
technology
product development
claims handling
customer experience
risk assessment
personalized pricing
customer interactions
data security
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