IoT in insurance refers to use of IoT devices by insurance companies to gather, transfer and sharing vital data of insurers. Moreover, IoT devices support insurance service providers to enhance their understanding associated to risk management as well as to enhance productivity of employees and organizations. In addition, it offers various advantages to end users, which include better claim management service, immediate risk management service and minimize operating cost of organization during claim settlement management services. Expansion of the insurance sector in parallel with innovative insurance models and rising usage of IoT to minimize the premium and risk-related costs are few of the key factors propelling the target market adoption in recent years. The rising adoption of digital technologies across various end-user industries and advancements in devices or sensors for collecting data further expand the IoT insurance market growth during the forecast period. IoT has the ability to do not just transform in the insurer’s top line, but also the bottom line. Once authorized by the policyholder, insurers can live to elevate the data and alerts from IoT devices to render services with reducing touch points. The rising trend of connected devices among various industries is majorly enabling insurance companies to have higher control over data, therefore reducing fraud. IoT implementation will also assist in improving efficiencies of systems, enhance protection mechanisms and minimize claims, leading to cost efficiency. The number of devices used per customer had increased considerably, denoting rating higher acceptability in the ecosystem. On the other hand, the dearth of skilled labor and higher cost incurred in implementing IoT is anticipated to hinder the market growth

Furthermore, with the smart grids visualized to globally take over the complete energy industry, the IoT utilities are projected to obtain traction over the forecast period. 5G is expected to bring advancements and further widen the scope of IoT- based solutions in the sector. Various industry experts also claim that the vehicle telematics is leading the 5G in IoT insurance application. The increasing commercialization of 5G will enable the accumulation of more granular data in real-time regarding the performance and health of the vehicle and the drivers’ behavior and allow the provision of more sophisticated pricing plans for insurance companies.

The global IoT Insurance Market is segregated on the basis of component as Solution and Service. Based on Insurance Type the global IoT Insurance Market is segmented in Life & Health Insurance, Property and Casualty (P&C) Insurance and Others. Based on Application the global IoT Insurance Market is segmented in Automotive, Transportation & Logistics, Life & Health, Commercial & Residential Buildings, Business & Enterprise, Agriculture and Others.

The global IoT Insurance Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The IoT Insurance Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.

Competitive Analysis

Accenture Plc, Allianz Se, American Family Insurance, American International Group, Inc., Axa Insurance and others are among the major players in the global IoT Insurance Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.

• In May 2020, Verisk and Geotab declared that the Verisk Data Exchange Add-In is now obtainable on the Geotab Marketplace. Fleet customers of Geotab, which offers connected vehicle solutions for the better fleet management to more than two million global subscribers, can now select to share their telematics data directly with insurers participating in the Verisk Data Exchange through this new integration. The data will help commercial auto insurers attain more granular insights into fleet risks refining underwriting, rating and other possible insurance services for participating policyholders.
• In April 2020, HBF, a private health insurer based in Australia, deployed Oracle Health Insurance (OHI) to support its digital transformation as part of a broader strategy to update its systems and processes. The organization presently has more than 1 million members and a strong reputation in Western Australia. With Oracle Health Insurance as the key platform across its health insurance products, HBF intends to increase its membership and extend its services throughout Australia.

The global IoT Insurance Market has been segmented as below:

IoT Insurance Market, By Component

• Solution
• Service

IoT Insurance Market, By Insurance Type

• Life & Health Insurance
• Property and Casualty (P&C) Insurance
• Others

IoT Insurance Market, By Application     

• Automotive, Transportation & Logistics
• Life & Health
• Commercial & Residential Buildings
• Business & Enterprise
• Agriculture
• Others

IoT Insurance Market, By Region

• Europe
• North America
• Asia Pacific
• Rest of The World

IoT Insurance Market, By Company

• Accenture Plc
• Allianz Se
• American Family Insurance
• American International Group, Inc.
• Axa Insurance
• Berkshire Hathaway Inc.
• Cisco Systems Inc.
• Concirrus
• Google Inc.
• International Business Machines Corporation
• Lexisnexis
• Microsoft Corporation
• Oracle Corporation
• Sap Se
• Verisk Analytics, Inc.
• Zonoff, Inc.
• Zurich Insurance Group Ltd.

The report covers the below scope:

• Global IoT Insurance Market sizes from 2020 to 2026, along with CAGR for 2020-2026
• Market size comparison for 2019 vs 2026, with actual data for 2019, estimates for 2019 and forecast from 2020 to 2026
• Global IoT Insurance Market trends, covering comprehensive range of consumer trends & manufacturer trends
• Value chain analysis covering participants from raw material suppliers to the downstream buyer in the global IoT Insurance Market
• Major market opportunities and challenges in forecast timeframe to be focused
• Competitive landscape with analysis on competition pattern, portfolio comparisons, development trends and strategic management
• Comprehensive company profiles of the key industry players

The years considered for the study are as follows:

• Base year - 2019
• Estimated year - 2019
• Projected year - 2020
• Forecast period - 2021 to 2026

Report Scope:

The global IoT Insurance Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global IoT Insurance Market share. Major industry players with significant revenue share include Accenture Plc, Allianz Se, American Family Insurance, American International Group, Inc., Axa Insurance and others.

Why to Buy this Report:

• Gain detailed insights on the IoT Insurance industry trends
• Find complete analysis on the market status
• Identify the IoT Insurance Market opportunities and growth segments
• Analyse competitive dynamics by evaluating business segments & product portfolios
• Facilitate strategy planning and industry dynamics to enhance decision making

Target Audience:

• The report targeted towards the existing players in the industry is as follows:
• Market Manufacturers/Service Providers
• Market Wholesale/Traders
• Investment and Financial Institutions

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