How IoT is used in insurance?

Internet of Things (IoT) | Insurance Glossary Definition | IRMI.com.

Blockchain has the ability to help automate claims functions by verifying coverage between companies and reinsurers . It will also automate payments between parties for claims and thus lower administrative costs for insurance companies.

#2) What are the examples of IoT devices? Answer: There are several top devices in the market. Smart Mobiles, smart refrigerators, smartwatches, smart fire alarms, smart door locks, smart bicycles, medical sensors, fitness trackers, smart security system , etc., are few examples of IoT products.

IoT-connected insurance uses the data from internet-connected devices to improve the understanding of risks . Advances in IoT can improve productivity, overall profitability of the business, and the risk profile of the portfolio.14 Eki 2021