The three pillars are:-
- Motor Insurance
- Home Insurance
- Health Insurance
In this Harvard Economics Review Andrea Silvello shows how Italian insurers have been early adopters of telematics and using big data analytics changing policies, processes and customer services. IoT has potential to impact across all three pillars.
Solution providers like 360Globalnet have revolutionised the whole claims management process in motor and home insurance. Healthcare, mostly government controlled in Europe will probably evolve faster to embrace IoT and connected devices through the drive of insurance companies. Those that take the first major steps could be the dominant movers in the industry
The three pillars of connected insurance will have to stand within an ecosystem of partners, service providers and interconnected devices that the insurance company will have to foster in order to deliver the ultimate user experience to the customer. In the background: a system based on big data analytics that can identify patterns and provide optimized solutions based on real-time input; up-front: a seamless user-friendly interface that will transform the way companies communicate with policy holders.