Insurers “Have A Huge Problem” With The IoT

The “Internet of Things” is exploding. Billions of connected smart devices, from FitBit chips to mobile trackers used by trucking companies, use wireless technology to communicate and streamline personal and commercial processes. It’s already growing at breakneck speed, and is projected to fundamentally change business as it reaches 200 billion objects — or 26 smart devices per person — by 2020. Yet much of the insurance industry is turning a blind eye. In a July speech, Brian Murdock, managing director of Georgia, Alabama and Tennessee at AIG, told listeners that the Internet of Things is something “that for most of us is completely new or something we know very little about.”