Annual Meetings-Property & Casualty Insurance and the IoT - Zachary Schmiesing, Verisk Analytics

Property & Casualty Insurance and the IoT - Zachary Schmiesing, Verisk Analytics

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