| November 06, 2014 There is no disputing that the connected world, which the tech industry for lack of a better term is calling the Internet of Things (IoT) and/or Machine-to-Machine (M2M), has arrived and is growing in importance. It also is no longer a matter of conjecture as to the impact ubiquitous connectivity to monitoring devices will have on insurers. Whether it is in the already hot area of telematics as it relates to automobile and other forms of transportation insurance, telemedicine, property insurance, etc., having a treasure trove of data for crunching by sophisticated analytics to establish more meaningful risk management capabilities is the future foundation for setting premiums and paying claims.
However, even given acknowledgement that the above is inevitable by IT professionals, even if just how fast this future is approaching and how disruptive it might be for insurers in terms of their ability to leverage the opportunities created, there is an interesting question to be asked. That question is how ready is the C-suite at insurance companies to invest in what it will take to optimize IoT. In short, are insurers ready...Read More
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