5 Ways The IoT Will Transform The Insurance Industry
The U.S. Insurance industry is the world’s largest insurance market where 6,118 companies, employing 2.5 million people, have net annual premiums of $1.1 trillion. Yet, despite its size and overall financial health, the insurance industry is likely to experience profound change driven by a fast growing and ubiquitous force – The Internet of Things (IoT). With 6.4 billion devices already connected and 5.5 million new devices added every day, the IoT’s real-time data collection and sharing power will create significant, new opportunities in finer product segmentation, more specialized pools of risk and predictive modeling to better assess risk, improve loss control and accelerate premium growth. With the emergence of such opportunity, I sat down with insurance expert and technology business model pioneer, Vik Renjen, SVP Sutherland Global Services, to discuss how insurance companies can use the IoT to become more nimble and profitable.
Robert Reiss, Contributor
Forbes.com columnist and CEO Specialist and Host of the CEO Show
I recently had the opportunity to chat with Forbes.com columnist and CEO Specialist and Host of the CEO Show, Robert Reiss. We spent time discussing at length how insurance companies can leverage the Internet of Things (IoT) to become more nimble and profitable. I see significant opportunity for carriers to transform their operating model to better interact with their policyholders and partners. As mentioned in the article, carriers striving for competitive advantage will have to make significant investments in technology and must re-tool their business processes and the skills used in order to transform their operations from the old focus on "money in, money out" to a new "analyze and act" orientation.
Global Head, Banking, Financial Services and Insurance
Sutherland Global Services
To learn more about Vik Renjen, please visit Bloomberg.com