IoT Insurance Market
Global IoT Insurance Market is expected to rise from its initial estimated value of USD 5.69 billion in 2018 to an estimated value of USD 324.94 billion by 2026, registering a CAGR of 65.8% in the forecast period to 2026. this rise in market value can be attributed to improvement in the insurance model as well as start-ups.
Internet of Things (IoT) insurance has transformed the insurance industry as it allows customer with range of products offering, accessing options. It enhances the customer relationships, gets a precise understanding about their customer along with their changing needs. Thus, as results improves the insurance model and grows the demand for new technologies related to it.
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Major Market Competitors/Players
Few of the major competitors currently working in IoT Insurance market are as Google Inc. (U.S.), Lemonade Inc. (U.S.) SAP SE (Germany), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), Oracle Corporation (U.S), Zonoff Inc. (U.S.), Accenture PLC (Ireland), LexisNexis (U.S.), Capgemini (France), Hippo Insurance(U.S.), Lemonade Inc.(U.S.) Microsoft inc. (US). Zurich Insurance Group Ltd. (Switzerland). Berkshire Hathaway Inc.(US), Allianz (Germany), Concirrus(UK), Genpact(US) and others.
Market Drivers:
There is improvement in the insurance model as well as startups is expected to act as a driver to the market growth.
There is rise in adoption in both developed and developing economy is also driving the market.
There is increase in demand regarding value added services and cloud platform startups is expected to act as a driver to the market growth.
Market Restraints:
Risk of data privacy is expected to act as a restraint to the market growth
Segmentation: Global IoT Insurance Market
By Type
Property and Casualty (P&C) Insurance
Health Insurance
Life Insurance
Others
Warranty Insurance
Farmers Insurance
Cyber Insurance
Pet Insurance
Savings and Investments Insurance
Pension Insurance
By Application
Automotive and Transportation
Connected Cars
Fleet Management
Insurance Telematics
Stolen Vehicle Recovery
Supply Chain Optimization and Inventory Management
Logistic and Navigation
Home and Commercial Buildings
Connected Home
Security and Emergency
Proactive Loss Prevention
Life and Health
Patient Health Monitoring
Connected Healthcare
Lifestyle and Fitness Monitoring
Business and Enterprise
Profile Authentication and Verification
Business-Specific Risks and Fraud Mitigation
Workforce Management
Consumer Electronics and Industrial Machines
Product Based Diagnostics
Warranty Management
Travel
Situational Awareness
Agriculture
Livestock Monitoring
Climate Monitoring and Forecasting
By Geography
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Key Developments in the Market:
In April 2019 Roost announced that they will be joining the IoT Insurance Observatory member group. Roost, a leader in Home Telematics for property insurance carrier. Focus of this collaboration is to consider smart home one of the most relevant opportunities to leverage the IoT data within insurance.
In sep 2018, Munich acquired Relayr. Relayr is Internet of Things (IoT) startup whose middleware platform is geared towards helping industrial companies unlock data insights from their existing machinery and production line. This acquisition will improve insurance claim of Munich Re
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