X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
The use of wearables and the internet of things (IoT) in insurance allows for personalization of products, services and prices, and Accenture predicts $120 billion in revenue opportunities in products and services enabling smart auto, smart home, and smart manufacturing on the commercial side. (Credit: Sergey Nivens/Fotolia) The use of wearables and the internet of things (IoT) in insurance allows for the personalization of products, services and prices. As a result, Accenture predicts $120 billion in revenue opportunities in products and services enabling smart auto, smart home, and smart manufacturing on the commercial side. (Credit: Sergey Nivens/Fotolia)

The global insurance industry has historically been resilient, and this was further tested and proven during the pandemic. Every insurance line was affected to some degree, and a global recession resulted in a decrease in business asset values and volumes.

Business interruptions, event and travel cancellations, as well as mortality heavily impacted claims, hit the bottom line and turned business models upside down. Coupled with emerging risks, such as extreme weather and cybercrime, 2020 was a year like no other for insurers across the globe. COVID-19 also heralded a new era in customer engagement and accelerated the transition to digital for many insurers, with some markedly valiant innovation programs.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.