The continued evolution of the Internet of Things (IoT) is among the multiple threats pushing the insurance industry toward massive disruption, notes a report released Tuesday by Capgemini and Efma. IoT, combined with changing behaviours and preferences from Gen Y customers, "is driving the urgent need for insurers to undergo significant transformation or risk falling behind emerging competitors such as FinTechs," reports Capgemini, which provides consulting, technology and outsourcing services, and Efma, a global not-for-profit organization that brings together retail financial services companies from more than 130 countries.