The IoT in Insurance event just concluded in Miami with an impressive lineup of 32 speakers over 2 days (including yours truly). Above all, the event demonstrated that the IoT is alive and well in insurance. Insurers are exploring, strategizing, investing, piloting, and putting real value propositions into the marketplace. Most, if not all, of the participants believe that the industry is paddling into a huge oncoming wave – those that are aggressive will catch the wave and enjoy a great ride. The rest will get swept under. The industry is in for major disruption and transformation over the next 3-5 years ... and the IoT will play a big role in the changes. Although the potential opportunities and threats are vast and varied, a number of important themes emerged at the conference.
Customer Experience is Key: Customer expectations are a driving force of change for the industry, not just related to the IoT, but for all aspects of the business. However, the IoT creates many new opportunities to transform interaction with customers: real-time data enables more proactive advice and communications, and there is big potential to shift from a few touchpoints a year to daily interactions. Insurers that are already leveraging IoT devices in policyholder’s homes, vehicles, and businesses are learning how to offer new value.
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