Global IOT Insurance Market: Current Market Scenario and Industry Forecasts 2018-2025
According to a new report published by Reports Monitor titled, “Global IOT insurance Market, Growth Opportunities, Innovations and Forecast, 2017-2025,” the global IOT insurance market was valued at XX million in 2016, and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
physical devices like cars, refrigerators, vehicles that are fixed with senors, software, & connectivity which enables these objects to connect & exchange data. Enables the people to monitor & access their devices at home while sitting in the office. IOT in insurance market will provide huge amounts of data which will helping keeping a check on the risk & adapting pricing. Insurers will be able to gather better data for claim settlements & develop new, personalized risk protection service. Insurers with good analytic capabilities will gain competitive advantage. Property and Casualty (P&C) insurers have started employing drones for automated property assessment and claims processing, The new direct distribution channels and online comparison platforms for direct small business insurance are likely to ramp up over the next few years, The Distribution portion of the insurance value chain is seeing the entry of marketplace platforms that create an additional intermediate layer between insurers and customers.
IOT insurance would help the insurance companies to work with automobile to decrease risk & reduce claim numbers. IOT on vehicles, home appliances the insurer will be able to monitor how the policyholder drives the car or uses the device that enables the insurer to price more accurately examples of various IOT insurance market such as : progressive snapshot includes machine learning device to judge how the drive is performing on each journey, Liberty Mutual has partnered with Google’s Nest that are connected with smoke alarms in the house enabling customers to reduce the risk of fire & insurance premiums.
This report provides a detailed analysis of global IOT insurance market, which includes current industry situations such as market size, growth and demands, market outlook, major players with their key strategies such as investment, mergers and acquisitions, value chain analysis and swot analysis. It covers the market canvas and the growth, opportunities in the coming years. The report has been made with an in-depth analysis along with important inputs from the various industry experts. The research is carried out with both extensive primary and secondary data sources with bottom-up and top-down approaches. IOT insurance offers an opportunity for the insurer to connect with policyholder & get the view of policy thereby helping in minimization of risk in real time & reduced number of claim payouts is driving the future growth of IOT insurance market. However, the privacy of user identity & over dependence on technology are restraining the use of IOT. Although increasing practice of cloud computing & improved insurance service will create new opportunities in the IOT insurance market.
The IOT insurance market is segmented on the basis of insurance type & insurance application. The insurance type is further sub-segmented as: property & casualty insurance, health insurance, life insurance & others. The insurance application is further sub-segmented as : Automotive & Transportation, Home & Commercial Building, Life & Health, Business & Enterprise, Consumer Electronics & Industrial Machines,Travel, Agriculture.
Key players in IOT insurance market are : The prominent players in the Internet of Things (IOT) Insurance market are IBM Corporation (U.S.), Accenture (Ireland), Cognizant (U.S.), Oracle Corporation (U.S), Zonoff Inc. (U.S.), Capgemini (France), SAP SE (Germany), LexisNexis (U.S.), Lemonade Inc. (U.S.), Hippo Insurance (U.S.) among others.
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