Digital & AI Transformation
From Risk Transfer to Risk Prevention: How IoT is reshaping business models in insurance
Authors: Isabelle Flückiger and Matteo Carbone
Data from Internet of Things (IoT) devices are providing insurers with new approaches to insuring existing risks, as well as the opportunity to extend coverage to new risks. This report examines the shift towards IoT-enabled risk prevention and mitigation services in the insurance industry. Using a series of case studies to highlight the key components of successful services, the report aims to support the industry in its transformation and in promoting a healthier and safer society.
Risk prevention is inherent to insurance. Recent developments in technology and the corresponding availability of data, however, have the potential to influence change in this space. A key driver of this development is the Internet of Things (IoT), the growing network of connected devices ranging from consumer wearables to industrial control systems.
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