Market Trends of IoT Insurance Industry
Retail and Commercial is Expected to Hold Significant Share
- Digital disruptions are expected to impact commercial insurers, as the industry has been preparing to witness some significant transformation. IoT technology is expected to be at the core of various new initiatives. Insurance firms are trying to utilize IoT data to assess customers, reduce premiums, and provide real-time warnings.
- Commercial property insurers are expected to witness multiple opportunities to redraw their relationships with their clients. Technological advancements, such as IoT and cloud, are significantly creating vast amounts of data that can be used to deliver value to commercial customers, primarily enabling closer partnerships and new sources of revenue.
- Due mainly to the rapid rise of the global e-commerce market over the past few years, the retail sector has also seen enormous growth. As a result, retailers use IoT solutions to boost the customer experience and operational efficiency to gain a competitive edge. As a result, the need from customers for an improved shopping experience, the growing acceptance of smart payment solutions, and the declining cost of IoT-based sensors and connectivity are some of the key drivers influencing the adoption of IoT technology in the researched segment.
- IoT has been significantly contributing to process automation and improving the operational effectiveness of retail establishments. It offers energy efficiency, security and surveillance, inventory and supply chain optimization, and labor management. Additionally, IoT is developing its capabilities in the area of cold chain monitoring for perishable food and pharmaceutical products.
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North America is Expected to Hold Major Share
- North America is regarded as one of the significant regions for the IoT insurance market due to the growing awareness and the faster adoption of IoT across the region. Many companies, such as Liberty Mutual, Progressive, and State Farm, are leveraging the region's IoT technologies to enhance their risk assessment efficiency.
- John Hancock, a major insurance company in the United States, was one of the first to utilize the power of wearable devices by partnering with Vitality, distributing free Fitbits to customers, and tracking their well-being, making them less at risk of filing a claim. Moreover, the United States is regarded as the headquarters of some major players who offer their IoT solutions for various insurance companies.
- Additionally, it is projected that factors like the early adoption of the web of things (IoT) and a robust regional labor force will accelerate the regional market's growth.
- Some key factors driving the adoption of IoT insurance solutions across the region include the expansion of the insurance industry, the creation of creative insurance models, and the expanding use of IoT technology to lower premium and risk-related expenses.
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