The IoT Insurance Market: Leveraging Connected Devices to Transform Premiums

The global IoT insurance market is gaining traction rapidly driven by insurers integrating sensors, wearables, telematics and other smart devices to obtain granular risk insights and offer usage-based insurance. IoT is transforming actuarial analysis, underwriting, pricing models, and customer engagement in the insurance industry. The market outlook is positive, presenting significant growth opportunities.

Market Overview:

IoT insurance encompasses a range of usage-based insurance models leveraging real-time data from internet-connected devices to determine premiums based on policyholder behavior and actual asset utilization. This allows highly customized premiums aligned to individual risk profiles. Significant cost savings and engagement incentives are driving adoption across various segments.

Get PDF for more professional and technical insights: https://www.marketresearchfuture.com/sample_request/2700 

Market Growth:

The global IoT insurance market is projected to register an impressive CAGR of over 55.72% during 2023-2030, reaching a value of USD 2,452.45 billion by 2030. Market growth is fueled by insurers increasingly partnering with IoT companies to design customized products benefiting customers. Rising adoption of smart devices across verticals provides insurers access to in-depth risk insights at reduced costs.

IoT Insurance Market Segmentation:

Based on type, IoT insurance market is segmented into health, property, and casualty (P&C), life, and others. The P&C segment accounts for the largest share. By end-user industry, key segments are automotive, transportation, home, commercial buildings, life and health, business and enterprise, travel, agriculture, and consumer electronics. Region-wise the market is categorized into North America, Europe, Asia Pacific, Latin America, and MEA.

Key Companies Major companies offering IoT insurance solutions include IBM, SAP, LexisNexis, Oracle, Cognizant, Accenture, Cisco, Verisk Analytics, Concirrus, Zonoff, and Capgemini. Strategic partnerships with connected device providers are allowing insurers to introduce innovative products. For instance, in 2022 Amazon partnered with Hippo to provide homeowners insurance using smart home data.

Market Drivers:

  • Increased availability of IoT devices providing real-time insights into asset utilization and consumer behavior patterns.
  • Ability to offer highly customized and flexible insurance policies based on usage-based data.
  • Key growth opportunity for insurers to attract, engage and retain tech-savvy customers.
  • IoT data enhances underwriting accuracy by minimizing risk ambiguity.
  • Reduces claim processing time and enables proactive asset maintenance and incident prevention.
  • Rising industry collaborations between insurers and connected hardware providers like automakers.

Regional Insights:

North America leads the IoT insurance market driven by advanced IoT infrastructure and insurtech innovation. Rapid growth is expected in Europe and Asia Pacific due to rising adoption of value-based insurance models and partnerships between insurers and connected device manufacturers.

Industry Latest News:

  • In 2022, Progressive partnered with Mercedes to provide usage-based insurance for vehicle owners.
  • In 2021, Lemonade acquired vehicle IoT platform Metromile to strengthen auto insurance offerings.
  • In 2022, Swiss Re joined The Climate Pledge to co-develop climate-smart insurance products.
  • In 2022,asnOZ Insurance rolled out farm sensor insurance for growers to obtain weather readings.
  • In 2021, Ping An launched healthcare wearable offering personalized insurance packages in China.

The incorporation of IoT in insurance delivers advantages to both customers and providers. As insurers continue to unlock value from connected devices, IoT insurance adoption will accelerate across segments globally.

Get PDF for more professional and technical insights: https://www.marketresearchfuture.com/reports/internet-of-things-iot-insurance-market-2700 

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country-level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Also, we are launching “Wantstats” the premier statistics portal for market data in comprehensive charts and stats format, providing forecasts, and regional and segment analysis. Stay informed and make data-driven decisions with Wantstats.

Contact: 

Market Research Future (Part of Wantstats Research and Media Private Limited)

99 Hudson Street, 5Th Floor

New York, NY 10013

United States of America

+1 628 258 0071 (US)

+44 2035 002 764 (UK)

Email: [email protected]

Website: https://www.marketresearchfuture.com