A recent Capgemini report suggests that the value of claims relating to risk are poised to suffer a potential loss in value of 20 to 40 percent. (Photo: Shutterstock)

Insurance 2.0 is the evolution of the traditional insurance industry responding to the technological advancements of the Internet of Things (IoT), which are connecting our lives and reducing risk.

The IoT is already playing a significant role in managing risk and reducing and predicting claims — defining insurance 2.0. Connected homes can now use sensors to warn owners of the risk of potential fires or flooding. Driverless cars, which might not be able to eliminate car accidents by themselves, will change the balance of risk management and mitigation.

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