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Managing data. The Internet of Things is collecting vast amounts of data that insurers must now convert into usable information to provide a better picture of claims risks. (Photo: Shutterstock)

The Internet of Things (IoT) is changing the nature of risk assessment in real time. As more and more devices begin transmitting information about their locations, movements and patterns of use, a wealth of data is accumulating about the environmental and human factors that contribute to the likelihood of a loss event taking place. It’s an embarrassment of riches from an actuarial standpoint, but the data is proliferating so rapidly, and from so many sources, that one could be forgiven for feeling overwhelmed by the challenge of putting it all to good use.

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