IoT devices are helping consumers and insurers get smarter with each passing day as these technologies bring promising results in helping insurers reshape how they assess, price, limit risks and enhance customer experience. (Photo: Shutterstock)
The Internet of Things (IoT) is predicted to support more than 20 billion devices by 2020, according to Gartner. This is a market that comprises 60% of consumers worldwide, creating huge opportunities for industries to connect and engage with their customers.
Connecting with consumers hasn't always been easy. Contact typically took place at points of sale, claims and renewal periods. Now, with the use of wearables, smart homes and telematics, insurers are connecting with customers on an ongoing basis and providing valuable feedback — and prices — based on activity levels.
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