Growing rate of digitization across industries has also impacted the insurance industry, which is indicated through rapid adoption of technologies such as internet of things (IoT), cloud computing, artificial intelligence, blockchain and big data and analytics amongst others. The implementation of IoT enabled systems across homes, cars, and manufacturing units among other essentials enables insurers to safeguard consumers against any risk by offering coverage for the commodity insured as well as minimizing the risk burden on both, the client and themselves. This has influenced high investment by insurance companies towards internet of Things (IoT) solutions including sensors and devices. For instance, Aviva’s venture capital investment segment, invested in Cocoon Labs Ltd, an IoT device manufacturing firm. The company provides smart home security devices, which is designed to send notifications and alerts to customers on detection of any unusual activity within the property premises. Aviva is provides this device along with its home insurance product for offering better safety to the customers and ensuring less risk burden.
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Similarly, in 2019, aetna, an American healthcare insurance provider, announced their strategic partnership with Apple to offer its clients with the Apple watch at a subsidized rate. This device would be integrated with exclusive iOS health applications for monitoring client’s health and alerting them to undertake necessary treatment on time to avoid any adverse implications. This rising investment by insurance companies on strategic partnerships with internet of things (IoT) technological firms to integrate the solutions and products with their offering is contributing towards the growth of global internet of things (IoT) insurance market. In terms of region, Asia Pacific is expected to register the highest CAGR over the forecast period in the market. Insurance companies across developing countries like India have recorded to implement technologies in their product offering for enhancing customer satisfaction and strengthening their position in the global market. For instance, in 2018, Bajaj Allianz General Insurance Ltd, launched internet of things based personal accident insurance coverage product for school children. The insurance product extended coverage to the children during their school travelling time in a registered bus. The IoT based device, which is inserted in the identity cards of the children, aid in tracking of the bus on real-time basis through GPS. This has enabled the company to enhance safety for each child individually while simultaneously minimizing their claims ratio over the years. Thus, rising investment by companies to develop innovative IoT based insurance product is expected to influence the growth of internet of things (IoT) insurance market in the region over the forecast period.
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The rising adoption of technology-based insurance products across various industry segment such as manufacturing and automotive amongst others, is expected to influence the growth of the internet of things (IoT) insurance market over the forecast period. According to a Survey of Monetary Analysts (SMA), 20% of insurance companies have been engaged in undertaking extensive research and development on deploying IoT projects. This rising investment initiatives across the insurance sector towards research and development for adoption of technology-based insurance models is expected to contribute to the growth of the global internet of things (IoT) insurance market over the forecast period.
The detailed research study provides qualitative and quantitative analysis of the global internet of things (IoT) insurance market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Global Internet of Things (IoT) Insurance Market:
- By Offering
- Solution
- Application and Platforms
- Middleware
- Infrastructure and Protocols
- Services
- Solution
- By Application
- Connected car
- Connected Home
- Connected Health
- Connected Industrials
- Connected Supply Chain
- Others
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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