It has begun – IoT is helping price insurance premiums More than six million devices are already connected to the internet, and thousands of devices are getting connected every day. IoT's real-time data collection and sharing power has created significant and new opportunities to deliver finer products, specialized pools of risk and predictive modelling and improved loss control. The Internet of Things has showcased a great potential to reshape the way insurers assess, price, and limit risks.
Take an example of an insurance firm Zurich that has offered a discount on monthly insurance fees, if a customer uses the IoT alarm offered by a company called Cocoon….