IoT has applications in

• Home Insurance:
  • For e.g. Home owners who have a fire alarm or a moisture sensor can get a cheaper policy
• Car Insurance
  • Onboard Diagnostics (OBD2) devices plugged into a car’s onboard computer enable transmission of all of a car’s data e.g. location, acceleration, fuel, mileage etc. This can enable insurance companies to issue  better policies to people with good drivers (people who brake slower, turn better etc)
• Personal / Health Insurance
  • Wearable sensors provide much richer data on a person’s life, eating habits and overall wellness
• Deeper insight of investment portfolios
  • Big Data technology enables closer monitoring of invested portfolios allowing fund managers to discover patterns and make faster decisions on buy and sell
• Workforce productivity
  • Insurance companies usually have a large mobile workforce. These can be tracked much better through wearable and carry-able devices. These devices connected directly to CRMs can enable increases in worker productivity and customer accuracy and updates.