IoT insurance has a huge impact on the insurance industry and accelerates the insurance workflow. The IoT-enabled devices generate and collect real-time data and help insurers create new opportunities for new product development, better predictive modelling, risk management, and controlling losses. The global IoT insurance market is estimated to grow at a CAGR of 65.89% during the forecast period. The key players in the IoT insurance market are International Business Machines Corporation (U.S.), SAP SE (Germany), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Google Inc. (U.S.) and Cisco Systems, Inc. (U.S.).
International Business Machines Corporation (U.S.) is a multinational technology provider operating in more than 175 countries globally. The company also has a diversified product portfolio that includes hardware, software, services, cloud platforms, Watson Internet of Things, and Watson Health, among others. These segments focus on various industries such as healthcare, banking, insurance, and others. Watson Health Solutions provides analytics solutions with pre-built predictive analytics capabilities for the insurance industries. In October 2016, the company partnered with Majesco (U.S.), an insurance software company which aims to help clients by developing new customer services with predictive data analytics.
SAP SE (Germany) develops enterprise application software for various industries and is one of the major players in business applications and analytics software in the digital commerce market. SAP Software solutions help insurance companies to simplify claims management, streamline policy administration, and undertake financial analysis. Also, SAP Solutions offers insurance the enterprise platform that enables intelligent data sharing across the business ecosystem for optimized underwriting, policy, billing and claim process to reduce costs. In May 2016, the company launched new offerings based on Internet of Things for customers and partners. The IoT offering includes IoT foundation bundle for SAP HANA and IoT intelligent edge processing bundle for SAP HANA. These solutions increase the capability of IoT data management. This software platform helps insurance companies in quick management of claims, easy underwriting process, and real-time risk management.
The other companies involved in the IoT insurance market include LexisNexis (U.S.), Zonoff, Inc. (U.S.), Accenture PLC (Ireland), Concirus (U.K.), and Verisk Analytics, Inc. (U.S.).
IoT Insurance Market by Type (P&C, Health, Life), Application (Automotive & Transportation, Home & Commercial Buildings, Life & Health, Business & Enterprise, Consumer Electronics, Travel, Agriculture), and Geography - Global Forecast to 2022
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