The Internet of Things (IoT) for the Insurance Industry
Today, the Internet of Things (IoT) data allows insurers to create a whole new stream of real-time, authoritative data sources to better understand their customers. For instance, insurers can use simple telematics devices that track the speed, location and other data of a moving car to understand premium risk, customer behavior, and use that data to offer incentives to their customers and improve their products.
Insurers can now use sensor data in cases like global shipping and supply chain to monitor goods and track details like temperature and weather conditions which could impact the quality of goods being transported. They can even use drones to capture images and asses real-time situations related to the policy. According to Strategy Meets Action, “There is a widespread understanding that the evolving connected world has very significant implications for insurers.” At the same time data and analytics-related projects consistently makes on the list of insurers top strategic priorities. The IoT for insurance is all about data, and this data becomes even more powerful when combined with emerging technologies like Blockchain to assist with challenges like asset provenance or Artificial Intelligence (AI) techniques as a data source.
Synechron’s InsurTech Accelerators focused on Internet of Things combines Synechron’s expertise in the Insurance domain and backs it up by its cutting-edge solutions based on technologies like the Internet of Things.
/ /HOW WE HELP
Empowering Impeccable Customer Experience
Synechron’s InsurTech Accelerators focused on the Internet of Things:
Drive insurance innovation
Help deepen customer understanding
Enhance risk management
Help create new revenue streams for insurers
Help provision of more accurate premium prices by insurers
Collect important data for risk analysis, and incentivize improved behavior
Lower the risk of payouts for the provider
/ /THE WORK WE DO
Synechron’s InsurTech Accelerators focused on the Internet of Things are designed specifically to provide applications that can be applied to various scenarios which lend themselves well to Insurance solutions.
Click to read how Synechron is helping clients to break barriers and innovate.