Insurance companies talk about new product development and speedto market, but true innovation is rare in the insurance sector.However, connected, communicating devices, often referred to asInternet of Things (IoT) could be one technology to revolutionizethe industry.
Sensors offer unprecedented access to granular data that can betransformed into assessing risk more accurately. For many insurerstheir initial exposure to IoT has been via telematics devices. Buttoday sensors are used in thousands of different devices. Sensorsare used in buildings and bridges to monitor for structural defectsand mitigate potential losses. Life insurance companies are usingthe data from wearable devices like FitBit and Nike+ FuelBand tobetter assess the health of the life insured. And, sensors arebeing implanted into animals to track and identify livestock,helping insurers rate and price agricultural insurance moreaccurately.
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