The Internet of Things is in the process of revolutionising the insurance industry as a whole. Telematics can now track how we drive, providing car insurers with more insight on levels of risk within their existing clients. They can use this information to make more informed decisions when quoting potential customers. IoT has had a major impact on the healthcare industry. It is most actively used by medical professionals around the world to track patients and improve outcomes.
In terms of impact on brokerages, internet of things data has the potential to identify risk, optimise the best care for a patient and may enable payment of care providers. In essence, when implemented correctly, it should provide the information needed to simplify complex processes.
One of the challenges for many in the insurance industry is knowing which of the technologies will align best with their needs when budgets are limited.
To choose the right options, analyse your business to understand where the gaps in the customer journey are. They will vary by business but some common areas of weakness include:
- risk identification
- customer engagement
- customer retention
- claims resolution
Once you have identified the areas of your business you would like to drive efficiency in, it will help you find an area of focus. Find out more about joining our global network of intermediaries.