Global Internet of Things in Insurance Market Overview:
Internet of things (IoT) provides a large amounts of real-time data which demands strong infrastructure offered by IoT manufacturers. Internet of Things (IoT) Insurance is market is divided on the basis of type of insurance and end-users. The IoT enabled devices help insurer to provide data, which can be deployed to reduce risk, manage claims and identify frauds. Easy settlement of claims, creation of analytical value from obtained data, and development of flexible insurance products are few advantages of IoT in insurance technology. Further, the growing adoption of Internet of Things (IoT) in developed and emerging economies, growing need for cloud platform and other value-added services in the insurance industry are driving the global IoT in insurance market.
- Demand for IoT based Devices in the Insurance Industry
- Owing to the Adoption of IoT in and Growth in Cloud Computing Services
- Advancement in Technology leading to Identify New ways to Connect with Consumers
- Development of New Insurance Model Based on Smart Devices and Inclinations towards IoT
- Lack of Awareness about the Advantages of IoT in the Insurance Industry
- Increasing Partnership of Insurers with Policyholders
- Rising Investment in Cloud Based Technologies by Insurance Companies
- Disruption to Existing Insurance Models
- Complexity in Communication & Data Privacy Concerns is posing a Challenge for the Market
Some of the key players profiled in the report are IBM Corporation (United States), SAP SE (Germany), Oracle Corporation, Google Inc. (United States), Microsoft Corporation (United States), Cisco System Inc. (United States), Accenture PLC (United States), Verisk Analytics, Inc.(United States), Zonoff. (United States), LexisNexis (United States), Lemonade Inc. (United States), Hippo Insurance (United States) and Capgemini (France). Analyst at AdvanceMarketAnalytics see United States Players to retain maximum share of Global Internet of Things in Insurance market by 2024. Considering Market by End users, the sub-segment i.e. Automotive will boost the Internet of Things in Insurance market. Considering Market by Insurance Type, the sub-segment i.e. Property & Casualty Insurance will boost the Internet of Things in Insurance market.
April 2019, Observatory is the presentation of the “Smart Home Insurance ” paper created by the IoT Insurance Observatory together with American Family Insurance. The paper provides a concrete and pragmatic view of the smart home opportunity for insurers. It’s a deep-dive into key aspects of the smart home trend, the implications for the US home insurance market, and into customer preferences. The paper concludes with a list of “must-have” elements for an insurer in order to deliver the promise of a smart home value proposition.
April 2018, Roost, a leader in Home Telematics for property insurance carriers, announced that they will be joining the IoT Insurance Observatory, member group. The Observatory group is comprised of more than 50 leading players in Insurance IoT innovation from across the globe.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global Internet of Things in Insurance market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Internet of Things in Insurance market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Technology investors, Key market innovators, Hardware vendors, Regulatory agencies, IoT insurance providers, IoT service providers, Communication service providers, Quality assurance providers, IoT platform providers, Third-party system integrators, Application providers and Research/Consultancy firms.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.