IoT and Insurance Industry: A match made in technological heaven

How does IoT fit in with Insurance?

An insurance agent trying to implement IoT in Insurance company
Photo by Scott Graham on Unsplash
  • Claim intimation.
  • Claim processing.
  • Document submission for the claim processing.
  • Claim investigation, policy review, damage evaluation, and, finally, reimbursement.

IoT in Home Insurance

IoT Smoke Detectors

IoT Drones

IoT Smart locks

IoT in Car/Accident Insurance

IoT in Commercial Insurance

IoT in Healthcare Insurance

How IoT can transform and better the traditional Insurance process?

1. Faster and Hassle-free claims

2. Customized Risk Assessments and Equitable Premiums

3. IoT data will reduce losses

4. Emerging industries will be better insured.

Insurer Playbook to stay at the top

  • Partners should possess relevant technical knowledge and experience with the target customer base.
  • Partners should be capable of bringing in their existing customer base.
  • Appropriate commercial agreements should be in place right from the start.
  • Partners should be open to other partnerships being established.
  • A thorough screening of the partner’s previous businesses and joint ventures should be done to avoid the risk of sunk costs, abuse of customer data, and reputation damage.

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Payoda Technology Inc

Payoda Technology Inc

Your Digital Transformation partner. We are here to share knowledge on varied technologies, updates; and to stay in touch with the tech-space.

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