How IoT is used in insurance companies?

IoT has applications in healthcare that benefit patients, families, physicians, hospitals and insurance companies. IoT for Patients – Devices in the form of wearables like fitness bands and other wirelessly connected devices like blood pressure and heart rate monitoring cuffs, glucometer etc .

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.

IoT and insurance technologies allow more precise risk management. With the Internet of Things, insurance companies can monitor real-time actions to get realistic risk assessments and use the collected information to prevent fraud .

The Internet of Things (IoT) describes the network of physical objects—“things”—that are embedded with sensors, software, and other technologies for the purpose of connecting and exchanging data with other devices and systems over the internet.