4 Initiatives That Unlock IoT’s Value

 Wednesday, November 18, 2020

 Insurance Thought Leadership

The insurance industry excels at tactics. If one is an underwriter, a claims person or contact center manager, and a problem is detected, it’s all hands on deck to solve that problem.

What tactics could wrestle that problem to the ground? That’s generally the direction the industry is most comfortable with because we are a pragmatic group by nature.

IoT can easily fall into that scenario: if a commercial building is tall, let’s get a drone out there to inspect the roof. If a homeowner has a water damage claim, a water sensor is going to prevent a recurrence.

To be clear, the tactical use of technology is essential. If technology doesn’t solve a problem, then it’s just a shiny object, and no insurer has time for that – or the money to dedicate to it.

However, particularly in terms of IoT, some may believe that it is a one-sided coin: a tactical tool to solve a specific problem. But that view short-changes the true value of IoT. It really is a two-sided coin. The two sides of the coin emerge when IoT devices and sensors are connected with other initiatives.