The Internet of things is poised to redefine the customer experience, and could offer insurers the opportunity to redefine and reimagine insurance product creation, distribution, services, pricing, data and analytics and business metrics, according to “The Internet of Things: Creating a Connected World Disrupting and Transforming Business and Revenue Models,” a white paper from Strategy Meets Action, an insurance technology consultancy.
Cheap embedded sensors, which can collect data related to status, location and environment and more, are being combined with Internet connectivity and analytics to create real-time information, and alerts that could be used for risk management, risk mitigation and more.
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