target audience: TECH BUYER Publication date: Mar 2023 - Document type: Tech Buyer Presentation - Doc Document number: # US49910224
IoT Investment Trends, Use Cases, and Solution Preferences in Insurance — 2023 Update: Telematics Insurance Framework
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Abstract
This IDC Tech Buyer Presentation provides an overview of the current Internet of Things (IoT)–centric technology trends in the insurance industry, outlining all the fundamental components, new application streams, and use cases. One of the fastest-growing segments in the global IoT market is insurance. IoT spending appears to be especially important for property and casualty (P&C) and health insurers, given the increased demand for usage-based insurance (UBI) products in these sectors due to the rise of telematics. Insurance executives are now doubling down on this area as they realize that telematics can improve risk management, drive cost out of the claims process, enhance customer loyalty through creating opportunities for regular contact, and open new possibilities for sales channels and revenue-generating services in partnership with businesses from other sectors.
This presentation begins with a dictionary alignment section that further identifies the building blocks for IoT technology. It addresses the Insurance Telematics Framework, a high-level depiction of the value that telematics can provide to insurance in terms of primary application streams. This section sheds more light on a publicly accessible and sizable case study to provide more context for each prominent application currently under development. This will help readers better understand the application context for such a broad-reaching technology.
This presentation contains the following sections:
- IoT Trends and Enabling Technologies
- Telematics: The Insurance Telematics Framework
- IoT Insurance Case Studies
- Decision Points and Wrap-Up