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The Internet of Things: Disrupting Insurance Models

Core Content

The Internet of Things (IoT) is rapidly transforming various industries, including insurance. With the number of connected devices expected to reach 20.8 billion by 2020 and potentially one trillion by 2035, the impact of IoT on the insurance sector is becoming increasingly significant. This document explores the opportunities, challenges, and strategies for insurers to adapt to this technological shift.

Main Opportunities

• Real-time Risk Monitoring: IoT enables continuous monitoring of assets and environments, allowing insurers to move beyond traditional indemnification models to real-time protection.
• Personalised Products and Services: The data generated by IoT allows for the creation of tailored insurance products that better meet customer needs.
• Enhanced Risk Management: By leveraging data from IoT devices, insurers can improve their risk assessment and underwriting processes.
• Deeper Customer Relationships: IoT facilitates more frequent and meaningful interactions with customers, enhancing engagement and loyalty.

Key Challenges

• Premium Reductions: The availability of real-time data may lead to a significant reduction in insurance premiums.
• Data Management: Handling and analysing the vast amount of data from IoT devices poses technical and operational challenges.
• Privacy and Security: Insurers must ensure the protection of customer data and address concerns related to data privacy.
• Disintermediation Risk: Traditional insurers risk being bypassed by tech-savvy competitors or new entrants who can offer more efficient and innovative services.

Strategic Implications

• Adoption of Smart Ecosystems: Insurers are showing interest in integrating IoT into smart ecosystems to enhance their offerings.
• Wearable Technology: There is a higher optimism among insurers regarding the adoption of wearable technology compared to driverless cars.
• Need for Innovation: The document highlights the importance of innovation in the insurance sector, with the I3 (Innovation in Insurance) programme by Efma and Accenture aiming to identify and reward the most innovative projects.

Current State of IoT in Insurance

• Connected Insurance Growth: Connected insurance is one of the fastest-growing sectors in the personal lines business.
• Global Adoption: Insurers worldwide have launched numerous connected products and services linked through IoT.
• Investment Trends: Over a third of insurers are eager to be among the first to invest in IoT-related initiatives, while others take a more cautious approach.

I3 - Innovation in Insurance

The I3 programme, launched by Efma and Accenture, encourages insurance companies to submit their most innovative projects for global recognition. In its first edition, 148 institutions from 37 countries submitted 224 innovations, showcasing the growing interest in IoT-driven solutions within the insurance industry.

Awards and Recognition

In 2016, the I3 programme awarded the most innovative projects in four categories:

• Best Disruptive Product/Service: Europ Assistance Group
• CX & Engagement: MS&AD
• Digital & Omnic Channel Distribution: USAA
• Global Innovator: AXA

The programme continues to invite participation for the 2017 contest, encouraging further innovation and development in the insurance sector through IoT.