About IoT Insurance
IoT Insurance is the most important thing nowadays. It is a new approach that is based on the use of sensors to monitor the state of an insured risk transforming rough data in usable and actionable information it can be quickly processed along the insurance value-added chain. IoT has entered consumer’s everyday lives across the world and also have transformed the business models across various industries. It is observed that Automation can cut the cost of the claims process by as much as 30% and IoT-connected devices have helped some insurance companies lower their premiums by as much as 25%. and This atmosphere had provided opportunities for insurers, to make or develop new products, open distribution channel and many more things with prevention, insurance, and assistance.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The IoT Insurance market is extremely fragmented and the key players have used different strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footmark in this market. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global IoT 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.
Google Inc. (United States), Lemonade Inc. (United States), SAP SE (Germany), IBM Corporation (United States), Cisco Systems, Inc. (United States), Oracle Corporation (United States), Zonoff Inc. (United States), Accenture PLC (Ireland), LexisNexis (United States) and AXA Insurance (France) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are American Family Insurance (United States), American International Group, Inc. (United States) and Allianz SE (Germany).
Segmentation Overview
AMA Research has segmented the market of Global IoT Insurance market by Type (Property and Casualty (P&C) Insurance, Health Insurance, Life Insurance and Others), Application (Automotive and Transportation (Connected Cars, Fleet Management, Insurance Telematics and Others), Home and Commercial Buildings (Connected Home, Security, and Emergency and Others), Life and Health (Patient Health Monitoring, Connected Healthcare, Lifestyle, and Fitness Monitoring) and Others) and Region.
On the basis of geography, the market of IoT 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).
Influencing Trend:
Burgeoning adoption of Internet of Things (IoT) Products in Developed and Developing Economies and Acceptance of IoT Based Devices have Improved the Services of Insurance Industries
Market Growth Drivers:
Rising Demand for Cloud and Other Value Added Services in the Insurance Industry, Increasing Technological Advancements in this Industries and IoT Manages in Reducing the Premiums and Risk-Related Tariffs
Challenges:
Problems Posed by Legacy Systems and Lack of Customer Engagement, Awareness, Skills, and Procurement Policies
Restraints:
Issue Related Towards the Communication Standards and Data Privacy Concerns
Opportunities:
Cumulating Need of Insurance for Various IoT Enabled Applications such as Automotive, Health Care, Life Care, and Many More and Increased Investments Made by the Organizations or IT Providers for IoT Startups
Market Leaders and their expansionary development strategies
It is seen that approximately 15 life insurance companies, that also include ICICI Prudential Life, HDFC Life, and SBI Life Insurance, have partnered with IBM and blockchain solutions provider Cateina Technologies to come together as a consortium to share data with respect to medical records. Once they get a go-ahead from the regulator, implementation will begin on a wider scale.
In July 2018, Bajaj Allianz General Insurance launched insurance for children during their travel hours in a pre-registered bus by the school. By using Internet-of-Things (IoT), it tracks the bus as well as the child providing a real-time location through GPS and beacons inserted in the students’ identity cards. This policy provides cover against accidental OPD and accidental hospitalization of the child.
Key Target Audience
IoT software solution providers, Cloud service providers, Original equipment manufacturers (OEMs), IoT product manufacturers, Research organizations, Technology standards organizations, forums, alliances, and associations and Technology investors
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.