The
global IoT
insurance market is estimated to
grow at a CAGR of 65.89% to reach USD 42.76 billion by 2022. The growing
adoption of Internet of Things (IoT) products in developed and developing
economies, growing demand for cloud platform and other value-added services in
the insurance industry are the major drivers for this market. The IoT-enabled
devices provide intelligent data for insurers to help them track health, detect
abnormalities, and reduce risks for policyholders. The real-time assessment of
data would increase the relationship between the insurers and policyholders.
The
IoT insurance market is segmented on the basis of insurance type into P&C
insurance, life insurance, health insurance, and others. The property and
casualty insurance uses data from IoT-based sensors, actuators, and other smart
devices that are connected via the Internet for proactive management of risks
and reduction in policy costs. IoT-enabled wearables and fitness devices plays
a significant role in providing health-related data to insurers, helping them to
monetize health and accordingly offer premiums to policyholders.
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The
APAC market is estimated to grow at the highest CAGR between 2016 and 2022. The
development of IoT devices such as wearables, drones, Wi-Fi dongles, and
inbuilt sensors that provide informative data to insurers would be the driving
factor for the IoT insurance market in the APAC region.
IoT
systems and software provide large amounts of real-time data that requires
strong infrastructure offered by IoT vendors. These may lead to data loss and
malfunctioning of the systems due to network failure and need to follow fixed communications
standards for data transmission. Also, risks associated with the web of
connected devices create privacy concerns, thus hindering the adoption of IoT
by the insurers. These factors restrain the growth of IoT insurance in the
market.
International
Business Machines (IBM) Corporation (U.S.) is one of the major players in the
IoT insurance market that offers IoT cloud platforms, IoT Watson, and other
insurance services to insurance organizations. The company operates in five
business segments, namely, Global Technology Services (GTS), Global Business
Services (GBS), software, systems hardware, and global financing. IBM’s Watson
IoT platform comprises data analytics software and solutions that help insurers
to manage data from wearables, weather, and others in terms of
insurance-specific analytics. These offerings provide easy and quick claims
payments, monitoring, and risk management.
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