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.
Read moreHow IoT is used in insurance companies?
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 .
Read moreWhat does the term IoT stand for?
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.
Read moreHow technology can be used in insurance?
New technologies will allow carriers to more effectively manage risk and make use of complex customer data —a critical step in evolving to a “predict and prevent” model of insurance where data is shared more frequently between parties with insurers playing a more active role in claims prevention.
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