About Internet of Things in Insurance
Internet of things (IoT) provides a large amounts of real-time data which demands strong infrastructure offered by IoT manufacturers. Internet of Things (IoT) Insurance is market is divided on the basis of type of insurance and end-users. The IoT enabled devices help insurer to provide data, which can be deployed to reduce risk, manage claims and identify frauds. Easy settlement of claims, creation of analytical value from obtained data, and development of flexible insurance products are few advantages of IoT in insurance technology. Further, the growing adoption of Internet of Things (IoT) in developed and emerging economies, growing need for cloud platform and other value-added services in the insurance industry are driving the global IoT in insurance market.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Internet of Things in Insurance market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
IBM Corporation (United States), SAP SE (Germany), Oracle Corporation, Google Inc. (United States), Microsoft Corporation (United States), Cisco System Inc. (United States), Accenture PLC (United States), Verisk Analytics, Inc.(United States), Zonoff. (United States), LexisNexis (United States), Lemonade Inc. (United States), Hippo Insurance (United States) and Capgemini (France) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Internet of Things in Insurance market by , Application (Automotive & Transportation, Home & Commercial Building, Life & Health, Business & Enterprise, Consumer Electronics & Industrial Machines, Travel and Agriculture) and Region.
On the basis of geography, the market of Internet of Things in Insurance has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End users, the sub-segment i.e. Automotive will boost the Internet of Things in Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Insurance Type, the sub-segment i.e. Property & Casualty Insurance will boost the Internet of Things in Insurance market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Development of New Insurance Model Based on Smart Devices and Inclinations towards IoT
Market Growth Drivers:
Demand for IoT based Devices in the Insurance Industry, Owing to the Adoption of IoT in and Growth in Cloud Computing Services and Advancement in Technology leading to Identify New ways to Connect with Consumers
Challenges:
Disruption to Existing Insurance Models and Complexity in Communication & Data Privacy Concerns is posing a Challenge for the Market
Restraints:
Lack of Awareness about the Advantages of IoT in the Insurance Industry
Opportunities:
Increasing Partnership of Insurers with Policyholders and Rising Investment in Cloud Based Technologies by Insurance Companies
Market Leaders and their expansionary development strategies
April 2019, Observatory is the presentation of the “Smart Home Insurance ” paper created by the IoT Insurance Observatory together with American Family Insurance. The paper provides a concrete and pragmatic view of the smart home opportunity for insurers. It’s a deep-dive into key aspects of the smart home trend, the implications for the US home insurance market, and into customer preferences. The paper concludes with a list of “must-have” elements for an insurer in order to deliver the promise of a smart home value proposition.
In November 2022 - IBM Corporation has announced a partnership with Ablera and Bulgaria to enhance ABACUS, a solution for insurance companies for pricing and rating processes powered by artificial intelligence, which brings next-level speed and accuracy to these processes, minimizing the error-prone, cumbersome manual efforts and allowing a more comprehensive range of users to work with the sophistication of applied mathematics. Source: https://www.mordorintelligence.com/industry-reports/iot-insurance-market
Key Target Audience
Technology investors, Key market innovators, Hardware vendors, Regulatory agencies, IoT insurance providers, IoT service providers, Communication service providers, Quality assurance providers, IoT platform providers, Third-party system integrators, Application providers and Research/Consultancy firms
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.