IoT in the Auto Insurance Industry

IoT in the Auto Insurance Industry

Since the IPV6 came into the picture, a lot of opportunities have come forward; the best one being IoT or Internet of Things. It essentially allows physical objects to collect and transfer data.

There have been a lot of examples of excellent usage of IoT. For example, you could lock and unlock your house smartly without having to carry the keys. Similarly, you could unlock a car and remotely lock it without actually using the keys.

Auto insurance usually focuses on a vehicle or a car rather than focusing on the customer, since it is difficult to assess the risk. Introduction of the Internet of Things would change the way insurers have been looking at the auto industry.

With IoT in the picture, insurers could take better measures to calculate and serve customers in both the pre-and post-sales sector. In a vehicle will help a customer understand his/her driving behaviour or other parameters as well. All this can be again used for better managing insurance.

With IoT slowly and steadily making its way into the auto industry, interesting times await the insurance sector.