Factors such as the growing adoption of Internet of Things (IoT) products in developed and developing economies, increase in the demand for cloud platforms and value-added services in insurance industries, and reduction in the cost of premium policies are the key drivers for the adoption of IoT solutions and services in insurance industries.
Pune, India -- (SBWIRE) -- 04/13/2018 -- The IoT Insurance market is in its nascent stage, and Our analyst predicts the market to grow CAGR at a rate of 65.89% during the forecast period.
Internet of Things (IoT) Insurance offers an opportunity for insurers to partner with policyholders with a full view of the policyholder, it minimizes risk in real time and lowers the claims payouts for the insurer and provides a deep level of satisfaction to the policyholders. The Internet of Things (IoT) market and the smart city market is showing rapid growth. Thus, demand IoT insurance is increasing rapidly. Using IoT insurance, the insurers can utilize the data derived from all types of devices as well as external sources, such as weather data and provide the best level of protection possible for their policyholders.
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Most of the automotive insurance industries offer usage-based insurance for drivers and car owners. The IoT-based devices such as in-vehicle sensors, global positioning systems, and other on-board devices generate informative data for insurance industry. Data such as speed, acceleration, and distance driven is collected by insurers and is used to accurately access premium policies and reduce frauds. Additionally, the policyholders are able to get rewards for good driving behavior and improve the driving habits. Hence, IoT would be able to reduce the cost of premiums and strengthen customer relationships. The adoption of telematics in UBI enhances the underwriting process and speed up the insurance claim process.
Top Players:
IBM Corporation, Accenture, Cognizant, Oracle Corporation, Zonoff Inc, Capgemini, SAP SE, LexisNexis, Lemonade Inc, Hippo Insurance, among others.
Regions Covered:
North America, Europe, APAC, Middle East and Africa, and Latin America.
Vendors in the Global IoT Insurance Market are increasingly introducing business intelligence solution that allows businesses to work with data collected from a number of diverse sources. As businesses gain more confidence about the reliability of data-driven decisions undertaken by software solutions in real time, self-service business analytics solutions will gain more prominence in the global business intelligence market in the next few years.
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After studying key companies, the report focuses on the startups contributing towards the growth of the market. Possible mergers and acquisitions among the startups and key organizations are identified by the report's authors in the study. Most companies in the IoT Insurance market are currently engaged in adopting new technologies, strategies, product developments, expansions, and long-term contracts to maintain their dominance in this global market.
The cost analysis of the Global IoT Insurance market has been performed while keeping in view manufacturing expenses, labor cost, and raw materials and their market concentration rate, suppliers, and price trend. Other factors such as industrial chain, downstream buyers, and sourcing strategy have been assessed to provide a complete and in-depth view of the market.
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Table of Contents
Global IoT Insurance Market Research Report
Chapter 1 Global IoT Insurance Market Overview
Chapter 2 Global Economic Impact on Industry
Chapter 3 Global IoT Insurance Market Competition by Manufacturers
Chapter 4 Global Production, Revenue (Value) by Region
Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions
Chapter 6 Global Production, Revenue (Value), Price Trend by Type
Chapter 7 Global Market Analysis by Application
Chapter 8 Manufacturing Cost Analysis
Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 10 Marketing Strategy Analysis, Distributors/Traders
Chapter 11 Market Effect Factors Analysis
The report also looks into influential external factors likely to affect the development of the IoT Insurance market in the coming years. These include the technological framework of the industry and likely advances expected in the coming years, consumer preference patterns, economic environment, and the demand for alternative technologies and devices.