What is IoT Insurance Market Scope?
IoT Insurance is the most important thing nowadays. It is a new approach that is based on the use of sensors to monitor the state of an insured risk transforming rough data in usable and actionable information it can be quickly processed along the insurance value-added chain. IoT has entered consumerís everyday lives across the world and also have transformed the business models across various industries. It is observed that Automation can cut the cost of the claims process by as much as 30% and IoT-connected devices have helped some insurance companies lower their premiums by as much as 25%. and This atmosphere had provided opportunities for insurers, to make or develop new products, open distribution channel and many more things with prevention, insurance, and assistance.
The IoT Insurance market study is being classified by Type (Property and Casualty (P&C) Insurance, Health Insurance, Life Insurance and Others), by Application (Automotive and Transportation (Connected Cars, Fleet Management, Insurance Telematics and Others), Home and Commercial Buildings (Connected Home, Security, and Emergency and Others), Life and Health (Patient Health Monitoring, Connected Healthcare, Lifestyle, and Fitness Monitoring) and Others) and major geographies with country level break-up.
The IoT Insurance market is extremely fragmented and the key players have used different strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footmark in this market. Analysts at AMA predicts that Players from United States will contribute to the maximum growth of Global IoT Insurance market throughout the predicted period.
Google Inc. (United States), Lemonade Inc. (United States), SAP SE (Germany), IBM Corporation (United States), Cisco Systems, Inc. (United States), Oracle Corporation (United States), Zonoff Inc. (United States), Accenture PLC (Ireland), LexisNexis (United States) and AXA Insurance (France) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are American Family Insurance (United States), American International Group, Inc. (United States) and Allianz SE (Germany).
Analyst at AMA have segmented the market study of Global IoT Insurance market by Type, Application and Region.
On the basis of geography, the market of IoT Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Influencers and their development strategies
It is seen that approximately 15 life insurance companies, that also include ICICI Prudential Life, HDFC Life, and SBI Life Insurance, have partnered with IBM and blockchain solutions provider Cateina Technologies to come together as a consortium to share data with respect to medical records. Once they get a go-ahead from the regulator, implementation will begin on a wider scale.
In July 2018, Bajaj Allianz General Insurance launched insurance for children during their travel hours in a pre-registered bus by the school. By using Internet-of-Things (IoT), it tracks the bus as well as the child providing a real-time location through GPS and beacons inserted in the studentsí identity cards. This policy provides cover against accidental OPD and accidental hospitalization of the child.
Influencing Market Trend
- Burgeoning adoption of Internet of Things (IoT) Products in Developed and Developing Economies
- Acceptance of IoT Based Devices have Improved the Services of Insurance Industries
- Rising Demand for Cloud and Other Value Added Services in the Insurance Industry
- Increasing Technological Advancements in this Industries
- IoT Manages in Reducing the Premiums and Risk-Related Tariffs
- Cumulating Need of Insurance for Various IoT Enabled Applications such as Automotive, Health Care, Life Care, and Many More
- Increased Investments Made by the Organizations or IT Providers for IoT Startups
- Issue Related Towards the Communication Standards and Data Privacy Concerns
- Problems Posed by Legacy Systems
- Lack of Customer Engagement, Awareness, Skills, and Procurement Policies
Key Target AudienceIoT software solution providers, Cloud service providers, Original equipment manufacturers (OEMs), IoT product manufacturers, Research organizations, Technology standards organizations, forums, alliances, and associations and Technology investors
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