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j0nnyf1v3
j0nnyf1v3
1/31/2017 6:31:35 PM
User Rank
IoT Novice
I wonder...
If it will positivly or negativly affect costs of insurence. Once can safely assume that with IoT, things in general become more safer to perform. Driving is safer, crossing the street... I see it creating a bidding war between the providers.. because everyone will be much more safer... So it comes to the bottom line.l\..

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DHagar
DHagar
11/7/2016 4:47:08 PM
User Rank
IoT Visionary
Re: IoT Insurers' Protection
@dcawrey, yes that is a good example!  Now the question will be do they share the savings and build in incentives or just apply it on the risk side.  A shared "risk management", could yield positive results for both the insurers and the customers if they truly get the customers engaged.

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DHagar
DHagar
11/7/2016 4:30:52 PM
User Rank
IoT Visionary
Re: IoT Insurers' Protection
@MichelleG, clearly it will produce savings.  The question will be will the insurers use that to build in transparent incentives or pocket the savings.  At least it will keep the increases down!

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DHagar
DHagar
11/7/2016 4:24:51 PM
User Rank
IoT Visionary
Re: IoT Insurers' Protection
@dcawrey, I am with you on that.  Not only will they have the data - for risk assessment, but the opportunity to measure compliance.  This becomes a "no brainer" for them.

Now we will have to see if it lowers our rates?

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dcawrey
dcawrey
11/7/2016 12:21:50 PM
User Rank
IoT Visionary
Re: IoT Insurers' Protection
We're certainly seeing insurance providers set up new ways of monitoring. One example is the devices they are installing in customer cars. This enables insurers to have metrics on driver behavior, and allows them to adjust premiums accordingly. 

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Michelle G
Michelle G
11/6/2016 6:02:52 PM
User Rank
IoT Visionary
Re: IoT Insurers' Protection
I hadn't thought of this as a possiblity myself. This is an interesting development for sure. I wonder if expected cost savings will materialize as expected. 

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dcawrey
dcawrey
11/5/2016 4:38:13 PM
User Rank
IoT Visionary
Re: IoT Insurers' Protection
I had not previously considered the impact IoT might have on insurance. But this makes a lot of sense. It's also a low-risk bet for insurance companies versus other emerging technologies such as blockchain. IoT will help insurance companies lower their costs by having a lot more data to analyze. 

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DHagar
DHagar
11/4/2016 9:01:08 PM
User Rank
IoT Visionary
Re: IoT Insurers' Protection
This makes a great deal of sense.  IoT will enable insurers to better monitor compliance, reducing risk.  It further offers insights with the high level of interest in the analytics.  So when you put together the potential to monitor, assess, and measure risk you have created real savings for insurers.  Those savings can translate into increased profits and make IoT highly attractive.

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