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The Internet of Things (IoT) is a cross-industry, global trend driven by the development of programmable devices and sensors and Internet connectivity. The majority of those devices are connected to the Internet, either directly or indirectly, allowing for the storage or sharing of data. Insurers benefit greatly from the data collected by the IoT because it allows them to more accurately predict risk.
Furthermore, the insurance industry, like many others, has been impacted by the Internet of Things. Moreover, several IoT solutions have been successfully implemented in the non-life insurance industry (insurers have offered smart home policies and telematics motor insurance). Therefore, the surge in demand for internet of things (IoT) in life insurance is expected to boost the growth of the market in the upcoming years.
The global internet of things (IoT) based life insurance market is segmented on the basis of type and region. Based on type, the market is divided into term life insurance, whole life insurance, endowment policy, money back policy, savings & investments plans, retirement plans and unit linked insurance plans. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global internet of things (IoT) based life insurance industry include Allianz, Prudential Financial Inc, AXA, Berkshire Hathaway Inc, Reliance Nippon Life Insurance Ltd, MetLife Services & Solutions LLC, Legal & General Group PLC, Ping an Insurance (Group) Company of China Ltd, JAPAN POST INSURANCE CO. Ltd and China Life Insurance (Group) Company. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global internet of things (IoT) based life insurance market.
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Top Impacting Factors
Increased demand for cloud platform & other value-added services and rise in usage of smart sensors owing to their ability to digitally analyze processes drive the growth of the market. In addition, reduction in premium & risk related costs propel the growth of the market. However, data security & privacy concerns is expected to hamper the growth of the market. Contrarily, data generated from IoT improves business intelligence in insurance industry and is expected to provide lucrative opportunities to the market in the upcoming years.
Increased Demand of Cloud Platform & Other Value-Added Services
Various insurance companies are quickly adopting cloud-based platforms due to its numerous advantages, including increased organization reliability and scalability, as well as lower infrastructure costs. Furthermore, a variety of large and small businesses are integrating their assets on cloud platforms, which allows them to monetize their business data and application logic investments.
Moreover, this increases the demand for cloud platforms among insurers, who want to fully benefit from the cloud computing model. Therefore, the surge in demand for cloud platforms & other value-added services boost the growth of Internet of Things (IoT) based life insurance market during the forecast period.
Rise In Usage of Smart Sensors Owing to Their Ability to Digitally Analyze Processes
The increase in adoption of smart sensors is a key factor driving the growth of the IoT market in the life insurance domain. These sensors help measure things like light intensity, position, flow, pressure, force, and temperature in the external environment. They also measure and convert physical inputs into raw data. The data is then digitally stored in order to analyze the processes.
For IoT solutions to function properly, they require a constant flow of data from the environment. Moreover, the smart sensors integrated with the connected devices, for instance, provide data on the user's activities. Therefore, the surge in demand for smart devices in the insurance firms is expected to boost the growth of the internet of things (IoT) based life insurance market during the forecast period.
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Questions Answered in the Internet of Things (IoT) Based Life Insurance Market Research Report
Key Market Segments
Key Market Players