IoT Insurance Market Market size, Industry outlook, Market Forecast, Demand Analysis, Market Share, Market Report 2021-2026
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• Global market for Iot Insurance is forecast to reach $3,123.3 million by 2026, growing at a CAGR of 18.7% from 2021 to 2026. • IoT-Connected insurance uses the data from internet-connected devices and telematics to improve the understanding of risks. • Through IoT, insurers can better connect with customers adding important touch points in particularly sensitive phases like acquisitions and claims. It is observed that automation can cut the cost of the claims process by as much as 30% and IoT connected devices have helped some life insurance and health insurance companies lower their premiums by as much as 25%. Contact: (+1)970-236-3677 Email: sales@industryarc.com
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Key Takeaways • Advances in IoT insurance can improve the productivity, overall profitability of the business and the risk profile of the portfolio. • IoT technology presents opportunities for insurers to reduce and mitigate losses, improve underwriting and enhance personalization of products and services. • Automation in insurance can cut the cost of claims process by as much as 30% • North-America is expected to hold a significant share in the IoT Insurance market due to growing awareness and faster adoption of IoT technology. Contact: (+1)970-236-3677 Email: sales@industryarc.com
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IoT Insurance Market Segment Analysis - By Type The most important type of insurances are life insurance and health insurance which accounted for 44% share combined in 2020. Life insurance is something that pays out a sum of money either on the death of the insured person or after a set period. On the other hand health insurance covers the cost of hospitalization, visits to the doctor’s office and prescription medicines. The rising usage of digital technologies in this sector will drive market growth.
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Iot Insurance Market Landscape • IBM Corporation • SAP SE • Oracle Corporation • Google Inc. Microsoft Corporation • Cisco Systems Inc. • Accenture PLC • Verisk Analytics Inc. • Concirrus • LexisNexis. Contact: (+1)970-236-3677 Email: sales@industryarc.com
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IoT Insurance Market - Forecast(2021 - 2026)
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Contact: (+1)970-236-3677 Email: sales@industryarc.com
Inquiry Before Buying