The Internet of Things (IoT) and the connected car look to become a catalyst and disruptor in the property and casualty insurance business model, and may prove to be the impetus P&C insurers need to evolve into a new way of serving customers.
In previous articles, we provided a perspective on how the IoT will affect P&C insurance overall and then went deeper into the connected home. In this article, we explore the evolution of the connected car and the implications for insurers.
The growth in the number of connected devices has been truly breathtaking—in the next five years, the number of connected devices will increase more than tenfold, from less than 3 billion worldwide today to 30 billion by 2020.
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