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How will you change from IoT in the insurance sector?

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IoT

That the Internet came into our lives to stay a long time ago, is more than a reality, but what we did not know was to what extent it would be implemented in our daily lives. For example, Social Networks have made us change the way we relate to people, allowing us to share different types of content through the network.

However, for some time now we have been able to talk about a new step in the advancement of technology, and that is that not only we are connected, but the daily elements that surround us are beginning to be connected to the network, with the aim of making our lives even easier. The Internet of Things is manifesting itself in new sectors.

The future of the insurance sector is looking at a hyperconnected world, where the Internet of Things, together with Big Data technology, is increasingly present. These new technologies are going to lead insurers to change the way they act when faced with a risk, since until now they only thought about insuring it, but thanks to these technologies, there is now the possibility of preventing it.

There are three sectors that will be mainly affected by the arrival of IoT in the insurance sector: automobile, home and health, and as an example of this we have to


1/ We are starting to have intelligent cars, which allow us to analyse driving habits and to monitor the car in the event of theft, which will allow, among other things, the insured to fine-tune the risk by taking the driving mode as a criterion.

2/ Home automation arrived to our homes longer ago, but it continues to evolve with the objective of being able to control any event that occurs in the home, from a water leak to the purchase of the supermarket having as data the information of the food that is in our refrigerators. The connection in real time with these devices, will be able to alert the insurance companies in case of an accident that could be solved in the shortest time possible.

3/ In the field of health, intelligent, wearable clothing and accessories will make it possible to monitor the human body in real time, which will lead insurers to promote preventive actions to their policyholders that will lower the costs of medical services.


It is clear that the presence of IoT and Big Data technology in the Insurance Sector is having a positive impact on both insurance companies and customers, since thanks to the combination of both, there is enough customer information available for insurance companies to start offering customized insurance according to new customer segmentations, resulting in savings for the customer and, consequently, added value to the insurance company.

Because we must not forget that in the end the important thing is to understand the client's needs, and to offer them insurance that adapts to their needs.

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