How Internet Of Things Benefit the Insurance Industry

How Avancer Internet Of Things (IoT) Benefit the Insurance Industry

Connected Industries (Industry 4.0)

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BigData & Analytics

Insurance companies MUST position themselves as Risk Management Companies who can decrease customer’s risk with IoT devices by monitoring and controlling risks by the customers themselves.

Customer Benefits

(i) Decrease Risk percentage

(ii) Lower Premium

(iii) Freemium Risk Monitoring & Controlling Gadgets/Apps

(iv) In the event of Risk, the customer is compensated as per claims policy

Insurance Company’s Benefits

(i) Though the premium income is less, the volume would be very high.

(ii) By decreasing customer’s Risk, the insurance companies are minimizing the claim disbursements. The unclaimed premium amount is more thus increasing the overall profit.

(iii) Can introduce special/customized insurance products.

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