Another in the growing list of industries poised for transformation by the Internet of Things (IoT), the insurance industry is increasingly using data insights for everything from risk identification and pricing to new value-added services for policyholders that actually shift the conversation from insurance to protection.
“We’re seeing increasing interest among insurance carriers in the smart home or smart facility type of opportunity,” writes Tony Jacob, Microsoft’s managing director of Worldwide Insurance, on the Enterprise blog today, “where a growing collection of home automation devices, from Internet cameras and motion sensors to gas and water leak detectors, is providing data and insights that can inform insurance products as well as value-added services.”
Insurance companies are also tapping into data from devices and sensors on automobiles. “For telematics or usage-based insurance, that could be an in-car system, plug-in dongle or a mobile phone app that uses the phone’s GPS location data or accelerometer to track driving behavior,” writes Jacob. “Quite simply, any device will do.” Read Jacob’s full post here.