Lower Insurance Premium with Internet Devices
While most people have heard this term being used in conversation, not many realize the way it has begun to infiltrate into our daily lives. So much so, that it intends to revolutionise even the most common vital necessities - insurance. According to a recent article released on TechCrunch, "the ability to pack an Internet connection into essentially any physical object will have some huge implications for the insurance industry over the next decade." With innovation at the core of business success rates, the article suggests that insurers are constantly looking for ways to innovate their policies and claims practices. In essence, insurers are looking to integrate your behavioral patterns into your smart devices in order to create more insurance packages that meet your every need.
Truth is, insurers do not pay claims for risks that are not covered by the consumer's policy or risks that have not been properly documented. And they don't pay claims whenever fraud is suspected. So, they don't just reject claims for no reason.
US Insurance Market as a Pioneer
While this idea might seem farfetched for some, this innovative integration is already in full swing. For example, solutions such as NationWide, SmartRide and Progessive Snapshot use video and telematics technology to record your driving habits in real-time allowing you to provide your insurance provider with trusted information on your driving habits. This information will, in turn, be used to offer drivers insurance solutions based on their driving habits and even reward good driving habits.
Health Care as a Role Model
Another popular example of this sort of innovation exists largely in the health care world where solutions like FitBit and Jawbone allow you to track you diet and activity levels. With the information provided by these devices, health providers are able to offer discount services and solutions that reward their customers for their personal activity levels.
The Internet of Things will continue to innovate, integrate and infiltrate to produce a wealth of knowledge accessible to insurers. And with this, the insurance industry is set to be revolutionized while it revolutionizes the way its customers save and spend their money.