Still thinking of trying IoT? Here’s how the Insurance industry is unlatching the potential
20 billion devices are connected to the Internet today and the count is highly anticipated to double by 2020. More than the smart devices we use directly, there will be tools strictly for capturing data without any human use.
This couldn’t be a better phase for the insurers to prove their collaboration with emerging technologies. The ‘Internet Of Things’ networking promises to recast the traditional cycle of risk assessment, approving claims and above all negating the need of filing claims.
While enterprises across the industrial vector are more than excited to capture benefits, the Insurance industry has exclusive interests to invest aggressively.
- Abbriviated costs with lesser chances of filing claims
- Enhanced customer engagements with personalization
- An accurate catch on fake claims with real time data insights
- Reduced processing dependency on the middleman
This doesn’t end here.
Predictive alerts are an anchoring feature in the IoT network. With acknowledged communication, these devices effectively convey the possibility of smoke, earthquake, toxicity etc. Detecting such potentially hazardous events in advance is a great achievement, defining the actual scale of risk and providing sufficient time to act.
Insurance companies could hugely benefit from avoiding any opportunity of loss through claims. Irrespective of commercial buildings, homes or even manufacturing establishments, properties of all types can be covered.
How about an alert hinting at your indiscipline driving? IoT devices could be put to an innovative use of tracking a customer’s routine activities and the usual risk he takes up. Higher the risk, more are the chances of issuing claims. Insurance companies are more eager to keep you away from life threatening accidents and IoT network could help them derive insightful data about your average speed, occasions of bumping and the rules broken. Not to miss the perks a customer wins if he drives safer.
Track who’s at the doorstep!
A live video of who’s at the doorstep of your home or office when you are away could be accessed on the phone. This is an instant tool to report and avoid an illegitimate attempt to enter the premises. And yet again, lesser the loss, more the discount you earn.
The wearable technology is the star here! Tracking a customer’s well being through update data covering heart rate, the physical exercising in routine and the average body weight maintained is highly successful. The insurer wants you to stay fit and cut down on the chances of filing a claim. The one’s performing well on the health chart could be rewarded in different ways.
Whom do I approach for?
Just like any untested technology, IoT too needs a strong push from the vendor to explore the ocean. Going beyond writing business cases and closing Statement of Work, the IoT partner should take a deep dive into the engineering requirements and the feasibility compliance associated.
Add to it undying R&D that lays the foundation of a sturdy product development.
Remember, nothing remarkable has been achieved so far and your vendor has to design purely on the basis of foresighted intellect.
As per the latest trends, the IoT service provider should assist you with –
- Proven design and implementation experience in the Cloud
- Hands on expertise with multilayer security
- Big Data proficiency – capturing and refining large volumes of data
- UI and UX designing for a variety of devices – phones, tabs, wearable gadgets and others
As an enthusiastic technology team, Solution Analysts has taken a leap with prebuilt and ready to install IoT designs for the Insurance industry.
The Solution Analysts differentiator
- Over a decade long stint with the cloud implementations
- Transparent assistance with built versus buy deadlock
- Proven success rate with General Insurance sector
- Over 50+ projects rolled out so far
IoT solutions will spin the game. It’s the best time you turn them to your favor.
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