This report uses the CB Insights Execution & Market Strength Positioning (ESP) Matrix to analyze vendors that deliver Internet of Things solutions in P&C Insurance.
Why is IoT technology so critical?
- IoT technologies improve risk management through increased prediction power and loss avoidance.
- The capabilities of IoT tech are expanding, due to a decrease in hardware costs, an increase in predictive analytics capabilities, and improved network infrastructure.
- As IoT adoption continues to expand, businesses can expect to see a decrease in insurance premiums and/or an improvement in coverage as their risk management improves.
What key outcomes do P&C IoT solutions drive?
- Decrease in insurance claims and payouts
- Reduction in insurance premiums
- Decrease in unsafe events, accidents, and losses
- Increase in the number of machine failures detected; decrease in the number of machine failures missed
- Reduction in unplanned downtime of equipment and workers
- Reduction in water consumption and waste
- Improved connectivity for remote, mobile, and lone workforces
- Reduction in both the frequency and severity of musculoskeletal injuries associated with manual material handling
- Reduction in lost days of work related to injury
Who are the P&C IoT insurance vendors?
The role of IoT in risk management continues to grow, and policyholders expect insurers to keep up.
We surveyed the players in this space and have mapped the leading players using our ESP research methodology into 1 of 4 categories: Leaders, Outperformers, Highfliers, and Challengers.
The technology vendors that are ultimately featured in this ESP Vendor Assessment include:
What companies are adopting IoT solutions?
In this ESP Vendor Assessment, we look at which companies have adopted P&C IoT solutions and mention organizations including:
- AXA XL
- MaineGeneral Health
- Nationwide Insurance
- The Hartford
- Travelers Insurance
What roles or functions are buying P&C IoT solutions?
In our discussions with solution vendors and buyers, decisions and influence for these decisions often reside with the below functions or businesses and with these specific titles:
- Engineering — global head of engineering
- Environmental health & safety — EHS director
- Innovation & digital transformation — chief innovation/digital officer
- Manufacturing finance — CFO
- Operations — VP of operations
- Sustainability — head of sustainability
Want to dig deeper into the P&C IoT market?
CB Insights clients can download the entire 59-page ESP report using the sidebar to see our full analysis of this technology market.
The full report includes discussion of:
- Market need & traction
- Market stats & data
- Rich company profiles
- Insights into customer/peer adoption
If you are looking to understand the P&C IoT vendor landscape, readying your org for an RFP, or initiating any type of vendor selection process, download this ESP Vendor Assessment.