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5 Challenges For IoT in The Insurance Industry

The insurance industry faces 5 key challenges with IoT adoption: 1) Disruption of existing business models as IoT enables new forms of risk assessment and pricing. 2) Managing the large amounts of new data from IoT sensors on policies, claims, and customer behavior. 3) Determining who owns the data created by IoT devices. 4) Complying with regulations as insurance data receives close scrutiny. 5) Protecting data from hacking and fraud since IoT data is accessible on a common platform.

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Patrick Olayinka Adedokun
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62 views10 pages

5 Challenges For IoT in The Insurance Industry

The insurance industry faces 5 key challenges with IoT adoption: 1) Disruption of existing business models as IoT enables new forms of risk assessment and pricing. 2) Managing the large amounts of new data from IoT sensors on policies, claims, and customer behavior. 3) Determining who owns the data created by IoT devices. 4) Complying with regulations as insurance data receives close scrutiny. 5) Protecting data from hacking and fraud since IoT data is accessible on a common platform.

Uploaded by

Patrick Olayinka Adedokun
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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5 Challenges For IoT In

The Insurance Industry


Insurance industry has been among one of those industries that
are being considered to be very conservative by nature due to
its slow nature but in the past few years, the insurance sector

CONTENTS
has been very innovative and disruptive in nature. As the new
insurers have been making major investments and there has
been loT of digital initiatives to bring loT of innovation for the
customers with the help of the internet. Internet has been acting
as a very powerful source for the growing insurance industry.
IoT insurance industry is commonly known for the Internet of
things has to face various challenges like Disruption to the
insurance models that rea meant for business, the executives in

CONTENTS
the insurance industry face a huge dilemma due to the
presence of IoT. Data management we all are aware of the fact
that the insurance industry has been a data-centric
industry .Data ownership issues, various rules and regulations
as well as data security and fraud.
Facts Of Insurance Industry

01 Disruption of Old Models

02 Data Management

03 Data Ownership

04 Rules and Regulation


05 Data Security and Fraud
01 Disruption of Old Models:
As we know that insurance executives
don’t feel comfortable to the new
model due to the birth of IoT. The
insurers will be benefitted based on
risk mitigation and lower claims. The
competitive nature of the insurance
industry will ensure fewer risks that will
help in bringing down the premiums
too.
02 Data Management:
As we know the insurance industry has
been a data centric industry hence
there is lot of data related to policies,
claims , billing systems etc. that needs
to be taken care of and that needs to
be processed .There are many
insurance companies that struggle a
lot process this data and analyse this
data.
03 Data Ownership:
Data that is created and that is made
available through IoT in the insurance
industry to understand the risk better.
But still the no one is ready to take
the ownership of data.
04 Rules and Regulations:
The Insurance sector is one of the
first business sector that has
regulations being imposed on it and
hence the data collected by the
insurance companies are scrutinized
worldwide very closely.
05 Data Security and Fraud :
There are lot of chances of data
getting hacked and data being
misused, and the data is open to be
used by all on a common platform.
THANK YOU
Source Url:-
https://insureedgeblog.wordpress.com/2019/10/21/5-challenges-for-iot-in-
the-insurance-industry/

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