Skip to main content
  The Geneva Association
  • About us
    • Who We Are
    • Team
    • Board
    • History
    • Careers
    • Contact
  • Research topics
    • Climate Change & Environment
    • Health & Demography
    • Financial Inclusion
    • Digital Technologies
    • Cyber
    • Macro & Geoeconomic Shifts
    • Public Policy & Regulation
    • Evolving Liability
  • Publications
    • Research reports
    • The Geneva Papers
    • Articles
    • Annual reports
  • Events
    • Upcoming events
    • Summaries & Recordings
  • Awards
    • Women in Insurance Award
    • Ernst Meyer Prize
  • News & Media
Search
Subscribe
My Account Logout Subscribe
LinkedIn YouTube Instagram
Popular searches
PROGRES
Ernst Meyer Prize
Women in Insurance Award
Geneva Papers
Safeguarding Home Insurance
Reports
Events

Breadcrumb

  1. Home
  2. News
  3. Press Releases
  4. Press Release: IoT Data Is The Risk Prevention Tool of The Future In Insurance
IoT

Press release: IoT data is the risk prevention tool of the future in insurance

May 25, 2021
  • Twitter
  • Linkedin
  • Email
  • Facebook
Image
  • From Risk Transfer to Risk Prevention – How the Internet of Things is reshaping business models in insurance is a first-of-its-kind study of the paradigm shift in insurance to real-time risk prevention solutions, enabled by Internet of Things (IoT) technologies.
  • Offering major benefits to both insurance retail and business customers, IoT has the potential to mitigate risks and encourage less risky behaviour. The report highlights early success stories in insurance that demonstrate IoT’s huge potential to promote safer and healthier workplaces and lifestyles, drawing on more than 60 interviews with insurers and other stakeholders.
  • The report encourages all stakeholders – insurers, technology companies, regulators – to prioritise understanding insurance IoT and how it can be applied to insurance prevention services.

In insurance, IoT data is making it possible to prevent risks faster, more effectively and with more precision. To explore the full potential of these technologies, The Geneva Association conducted a first-of-its-kind study on the shift from traditional risk transfer to technology-enabled risk mitigation and prevention services in the insurance industry.

The report, authored by Isabelle Flückiger and Matteo Carbone, is based on interviews with over 60 insurers, technology companies, start-ups, global organisations and leading academics across all insurance business lines and geographies.

Jad Ariss, The Geneva Association’s Managing Director, said: “Our report showcases the tangible impact IoT risk prevention has in improving – and even saving – lives. Although commercial lines are more advanced in rolling out these technologies, there is convincing potential in personal lines as well, with outcomes like fewer auto accidents and damage to people’s homes. The case studies in our report, of insurers who have implemented successful IoT initiatives, should inspire the whole  industry. It is customers who will benefit most from this evolution.”

Isabelle Flückiger, The Geneva Association’s Director New Technologies & Data and the lead author of the report, said: “Data provide a critical path to more affordable insurance coverage and to ‘insuring’ previously uninsurable risks through prevention. IoT is a fundamental enabler of this and cannot be ignored by the insurance industry. Insurers should also focus on how to translate the use of IoT-based risk prevention into sustainable business models. ”

Matteo Carbone, Founder and Director of the IoT Insurance Observatory and co-author of the report, said: “The world is now hyperconnected. Insurance of the future will use data to enhance customer experiences, impact core insurance processes, create new knowledge and improve sustainability. There are already pioneers in this space, and their stories demonstrate the powerful and increasing role of IoT data in better risk prevention.”

The Geneva Association’s first New Technologies & Data Conference, happening virtually on 1 June and featuring the authors of the report, will explore the megatrend of IoT risk prevention in insurance and include a number of the insurance companies that participated in the study. The conference will have separate sessions dedicated to P&C and life & health businesses.

Related Content

2025 Geneva Association Ernst Meyer Prize awarded to works that help  insurers navigate today’s complex  global risk landscape

2025 Geneva Association Ernst Meyer Prize awarded to works that help insurers navigate today’s complex global risk landscape

Jun 19, 2025
Press Releases
Andreas Berger, Group CEO of Swiss Re, and Andrew F. Sullivan, CEO of Prudential Financial, join Geneva Association Board of Directors

Andreas Berger, Group CEO of Swiss Re, and Andrew F. Sullivan, CEO of Prudential Financial, join Geneva Association Board of Directors

Jun 02, 2025
Press Releases
Geneva Association report calls for action to safeguard home insurance amid rising extreme weather risks

Geneva Association report calls for action to safeguard home insurance amid rising extreme weather risks

May 07, 2025
Press Releases
The ‘longevity revolution’ opens innovation opportunities for insurers, says Geneva Association report

The ‘longevity revolution’ opens innovation opportunities for insurers, says Geneva Association report

Feb 19, 2025
Press Releases
New research by the Geneva Association analyses the effects of ‘slowbalisation’ on the insurance industry

New research by the Geneva Association analyses the effects of ‘slowbalisation’ on the insurance industry

Jan 15, 2025
Press Releases
Financial innovations like cyber Cat bonds will help address the cyber protection gap, says Geneva Association report

Financial innovations like cyber Cat bonds will help address the cyber protection gap, says Geneva Association report

Dec 12, 2024
Press Releases
New appointments reaffirm the Geneva Association’s commitment to research excellence and stakeholder collaboration

New appointments reaffirm the Geneva Association’s commitment to research excellence and stakeholder collaboration

Dec 04, 2024
Press Releases
Chathuri Munaweera, CEO of AIA Sri Lanka, wins Geneva Association Women in Insurance Award for outstanding business leadership through economic crisis

Chathuri Munaweera, CEO of AIA Sri Lanka, wins Geneva Association Women in Insurance Award for outstanding business leadership through economic crisis

Nov 26, 2024
Press Releases
The underinsured Gen Z population seeks more insurance coverage, reveals Geneva Association survey

The underinsured Gen Z population seeks more insurance coverage, reveals Geneva Association survey

Nov 07, 2024
Press Releases

Related Content

2025 Geneva Association Ernst Meyer Prize awarded to works that help  insurers navigate today’s complex  global risk landscape

2025 Geneva Association Ernst Meyer Prize awarded to works that help insurers navigate today’s complex global risk landscape

Jun 19, 2025
Press Releases
Andreas Berger, Group CEO of Swiss Re, and Andrew F. Sullivan, CEO of Prudential Financial, join Geneva Association Board of Directors

Andreas Berger, Group CEO of Swiss Re, and Andrew F. Sullivan, CEO of Prudential Financial, join Geneva Association Board of Directors

Jun 02, 2025
Press Releases
Geneva Association report calls for action to safeguard home insurance amid rising extreme weather risks

Geneva Association report calls for action to safeguard home insurance amid rising extreme weather risks

May 07, 2025
Press Releases
The ‘longevity revolution’ opens innovation opportunities for insurers, says Geneva Association report

The ‘longevity revolution’ opens innovation opportunities for insurers, says Geneva Association report

Feb 19, 2025
Press Releases
New research by the Geneva Association analyses the effects of ‘slowbalisation’ on the insurance industry

New research by the Geneva Association analyses the effects of ‘slowbalisation’ on the insurance industry

Jan 15, 2025
Press Releases
Financial innovations like cyber Cat bonds will help address the cyber protection gap, says Geneva Association report

Financial innovations like cyber Cat bonds will help address the cyber protection gap, says Geneva Association report

Dec 12, 2024
Press Releases
New appointments reaffirm the Geneva Association’s commitment to research excellence and stakeholder collaboration

New appointments reaffirm the Geneva Association’s commitment to research excellence and stakeholder collaboration

Dec 04, 2024
Press Releases
Chathuri Munaweera, CEO of AIA Sri Lanka, wins Geneva Association Women in Insurance Award for outstanding business leadership through economic crisis

Chathuri Munaweera, CEO of AIA Sri Lanka, wins Geneva Association Women in Insurance Award for outstanding business leadership through economic crisis

Nov 26, 2024
Press Releases
The underinsured Gen Z population seeks more insurance coverage, reveals Geneva Association survey

The underinsured Gen Z population seeks more insurance coverage, reveals Geneva Association survey

Nov 07, 2024
Press Releases
The Geneva Association

Subscribe to our updates

About us

Research topics

Publications

Events

Awards

News & Media

Contact us

Terms & Conditions

Follow us on social media

LinkedIn Instagram YouTube

© Geneva Association

Admin

INSURANCE FOR A BETTER WORLD