Data is crucial for the insurance industry and helps carriers segment customers, set profitable rates and facilitate a better claims process. Insurers are no strangers to using data to make more informed decisions and leading carriers have bolstered their own loss histories with purchased, third-party data. However, the extent to which carriers have leveraged data, to date, is minor in comparison to what the Internet of Things (IoT) - a network of interconnected devices, delivering real-time insights into the habits of consumers - will bring.
It is estimated that by 2020 there will be 50 billion connected devices that exchange information over the Internet via embedded sensors – an average of six devices per person. These devices, including telematics, smart homes and wearables, have become an integral part of our everyday lives. As in other industries, insurance customers are increasingly becoming more comfortable with sharing personal information through their connected devices.
The insurance sector is more competitive than ever and consumers are going online to shop for the best price for policy and coverage. Technology isn’t just changing the way people interact with insurance providers, it’s affecting customer loyalty and expectations. Insurance companies that deliver a seamless customer experience will see positive returns. But are insurers taking advantage of this available data in their marketing and retention efforts, and to improve customer experience?
On this page we have compiled a list of just a few resources to provide you more insights into how IoT can help you Create the Capacity to Connect with your customers.