comes into its own . “ We believe that water is a significant peril and , much in the same way that smoke alarms and sprinklers in buildings are used to detect and manage smoke or fire , sensors should be used to manage the water peril in buildings – water is the new fire !”
In addition to providing better protection for property , IoT can be used to help shore-up employee safety monitoring , fraud prevention and even to promote a healthier lifestyle via wearables . Of the latter , Ringsted adds , “ I think this is an area rich with potential for customers and insurers to develop a win-win proposition to help manage the risk posed to individuals , whether health , fitness or safety . Life insurers , including Chubb , are starting to use wearables to track fitness and encourage or even incentivise healthy lifestyles .” As society continues to mould itself around collected data , which provides us with a more accurate picture of risk and customer behaviour , insurance companies will be able to offer improved products and services as a result . Additional examples of this can be observed
from unicorn insurtechs like Metromile , wherein customers pay cheap monthly premiums in exchange for adding a small charge ( several cents ) for each mile travelled , thereby allowing infrequent travellers to save money easily whilst still providing more peripatetic policyholders with competitive rates . Deloitte encapsulates this in ‘ Opting in : Using IoT connectivity to drive differentiation ’ by saying “ IoT is fundamentally a technology architecture stitching together existing technologies in a specific way so that new benefits can be achieved .”
51 insurtechdigital . com