5 Challenges For IoT In The Insurance Industry

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5 Challenges For IoT In The Insurance Industry
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Insurance industry has been among one of those
industries that are being considered to be very
conservative by nature due to its slow nature but
in the past few years, the insurance sector has
been very innovative and disruptive in nature. As
the new insurers have been making major
investments and there has been loT of digital
initiatives to bring loT of innovation for the
customers with the help of the internet. Internet
has been acting as a very powerful source for the
growing insurance industry.
CONTENTS
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IoT insurance industry is commonly known for the
Internet of things has to face various challenges
like Disruption to the insurance models that rea
meant for business, the executives in the
insurance industry face a huge dilemma due to the
presence of IoT. Data management we all are aware
of the fact that the insurance industry has been
a data-centric industry .Data ownership issues,
various rules and regulations as well as data
security and fraud.
CONTENTS
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Facts Of Insurance Industry
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Rules and Regulation
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Data Security and Fraud
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As we know that insurance executives dont feel
comfortable to the new model due to the birth of
IoT. The insurers will be benefitted based on
risk mitigation and lower claims. The competitive
nature of the insurance industry will ensure
fewer risks that will help in bringing down the
premiums too.
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As we know the insurance industry has been a data
centric industry hence there is lot of data
related to policies, claims , billing systems
etc. that needs to be taken care of and that
needs to be processed .There are many insurance
companies that struggle a lot process this data
and analyse this data.
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Data that is created and that is made available
through IoT in the insurance industry to
understand the risk better. But still the no one
is ready to take the ownership of data.
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The Insurance sector is one of the first business
sector that has regulations being imposed on it
and hence the data collected by the insurance
companies are scrutinized worldwide very closely.
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There are lot of chances of data getting hacked
and data being misused, and the data is open to
be used by all on a common platform.
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