We outline the market outlook for commercial IoT in P&C insurance — from market size, to leading companies, to recommendations for players in the space.
What is commercial IoT?
IoT technology combines hardware, software, analytics, and cloud platforms to increase visibility into policyholders’ business operations. This technology can help P&C insurers boost predictive power, improve their underwriting decisions, increase the precision of their pricing, and reduce risk.
P&C insurers are adopting a variety of sensors — such as devices for water, heat, and environmental monitoring, as well as worker safety wearables — to collect more comprehensive workplace data. Incorporating data from multiple sources can further improve underwriting decisions and pricing.
Features & capabilities
Typical features in commercial IoT for P&C insurers include:
- Software platforms that collect and analyze data from IoT sensors and look for signals that could indicate loss events
- Sensors that collect environmental metrics (such as temperature or humidity) and send alerts when abnormal conditions are detected
- Sensors that identify and prevent water leaks in real time
- Tools that analyze sensor data and deliver predictive insights