Most insurance carriers not ready to use IoT data

Most insurance carriers not ready to use IoT data

You might think that the Internet of Things (IoT) was custom made for the insurance industry. After all, what could be more useful to all those actuarial tables than detailed, real-world information from billions of IoT sensors in a wide variety of devices? In fact, we’re already seeing the beginnings of insurance uses of IoT, including auto insurance companies that give discounts for drivers willing to have their vehicles—and their driving habits—tracked.

But according to a new IoT and the State of the Insurance Industry Study from LexisNexis, the message hasn’t penetrated very far into the famously conservative field. Top-line results from the survey reveal a clear disconnect between what insurance companies think about IoT and what they’re actually doing about it.

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