Sixty per cent of global insurers are already engaging in connected devices
Nearly half of insurers globally see connected devices as a driver of revenue growth over the next three years, according to research by technology outsourcer Accenture.
The study, which surveyed 414 senior insurance executives across the globe, found that only last year 14% of respondents had plans to engage in Internet of Things (IoT) enabled devices.
However, this year saw 45% of all respondents say they saw the area as an opportunity for growth, with 60% saying they had piloted or launched connected home or wearable tech offerings.
Accenture Distribution and Marketing Services managing director Erik Sandquist said: “IoT technologies provide an abundance of data on customer behaviours and preferences. Carriers that analyse and use these new sources of customer data have a significant advantage over the competition.
“They will be best placed to offer ‘living services’ – which allow companies to personalise the customer experience and better respond to the evolving customer needs and desires as they develop in real time.”
Similarly, around 60% of respondents claimed that connected devices were a strong opportunity for them to tailor personalised policies to a customer’s specific needs.