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Allied Market Research

IoT Insurance Market by Type (Property & Casualty (P&C) Insurance, Health Insurance, Life Insurance, and Others) and Application (Automotive & Transportation, Home & Commercial Buildings, Life & Health, Business & Enterprise, Consumer Electronics & Industrial Machines, Travel, and Agriculture): Global Opportunity Analysis and Industry Forecast, 2020–2027

A09784
Pages: NA
Jan 2021 | 58 Views
 
Author(s) : Stuti Gandhi
Tables: NA
Charts: NA
 

COVID-19

Pandemic disrupted the entire world and affected many industries.

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IoT Insurance Market Insight

Internet of Things (IoT) is a network of internet-connected devices that collect, transmit, and share data. IoT-connected insurance represents a new opportunity for the insurance business. This new approach of IoT insurance is based on the use of sensors to monitor an insured risk and then transforming rough data into actionable information that can be immediately processed along the insurance value chain. Advancement in IoT technology can improve productivity, overall profitability of the business, and the risk profile of the portfolio. Through IoT technology, insurance organizations can better connect with consumers focusing on important touch points in particularly sensitive phases, like acquisitions and claims. Network IoT devices allow insurance companies to connect more regularly with their business and offer new services based on the data they have. IoT can have significant support for customer relationships, allowing companies to build more in-depth and targeted customer contacts.

IoT Insurance Market Scope and Structure Analysis:

Report Metric

Details

Market size available for years

2020–2027

Base year considered

2019

Forecast period

2021–2027

Forecast units

Value ($)

Segments covered

Type, Application,  and Region

Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM), and Middle East &Africa

Companies covered

Accenture PLC, Cisco Systems Inc., Google LLC, Intel Corporation, International Business Machines Corporation, Lemonade Inc., Microsoft Corporation, Oracle Corporation, SAP SE, and Zonoff Inc.

Impact of COVID-19 on IoT Insurance Market:

  • Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost all countries around the globe, with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the global IOT insurance market in 2020
  • To stop the spread of corona virus, all offices are shut down and businesses have shifted to online mode for their operations. The IoT insurance help insurer to explore value added services and product.
  • Overall, the pandemic is expected to have a positive impact on the global IOT insurance market.

Top impacting factors: market scenario analysis, trends, drivers, and impact analysis

The IoT insurance market is driven due to the growingacceptance of IoT products across the world. IoT aids in data analytics of the products and delivers more accurate data for analyzing with actualevaluating. Moreover, the insurance sector is increasing at a high pace in established and developing economies with IoT created insurance models which is expected to drive the demand for IoT insurance market. IoT insurance customers now feel secure and safe before buying any IoT-related creation and it helps in reducing the threat and premium-related prices of a business which is another factor driving the mandate of IoT insurance market.Rising demand for cloud and value-added services in insurance industry is also driving the growth for IoT insurance market. However, the data collected from sources is not secure and safety restricts the growth of IoT insurance market. Contrarily, the data created by IoT enabled devices helps in improving the business intelligence of the insurance industry manufacture it an opportunity for the IoT insurance market in the forecasted years.Growingessential of insurance in various IoT enabled applications such as auto, health, life, home and commercial is also propelling the growth of IoT insurance market.

Growing adoption of Internet of Things (IoT) products

Using IoT technology, insurers are able to create new products&services and attract customers by improving claim management as well as enhance customer engagement. IBM provides IoT insurance services that enables insurers to manage the risks in real time and improves the relationship with their policyholders. These services and products help insurers to achieve rules for underwriting, billing, quoting, claim systems, data automation and policy management increasing overall effectiveness of the business and driving the growth for IoT technology in insurance market.

Analyzing the data through data analytics

IoT technologies allow insurance companies to controlthreats more precisely. Automotive insurers, for example, previously relied on indirect indicators, such as the address, age, and creditworthiness of a driver, when setting premiums. Now, IOT provided data on driver performance and the usage of a vehicle, are availablebuilding it easier for assures to established a premium policy. Submissions of IoT based technology in countries where the market is alreadyestablished allow insurers toevaluate risk far more correctly therefore, increasing the demand for IoT insurance market.

Key segments covered:

Segments

Subsegments

 Type 

  • Property & Casualty (P&C) Insurance
  • Health Insurance
  • Life Insurance
  • Others

Application

  • Automotive & Transportation
  • Home & Commercial Buildings
  • Life & Health
  • Business & Enterprise
  • Consumer Electronics & Industrial Machines
  • Travel
  • Agriculture

Key benefits of the report:

  • This study presents the analytical depiction of the global IoT insuranceindustry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global IoT insurancemarket share.
  • The current market is quantitatively analyzed from 2021 to 2027 to highlight the global IoT insurancemarket growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global IoT insurancemarket analysis depending on competitive intensity and how the competition will take shape in coming years.
 
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

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With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, web-casts and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast


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Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts


Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)


Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.
 
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