digital transformation in insurance
digital transformation in insurance Now let’s head into the important part: how exactly Insurance companies can benefit from adopting IoT solutions? IoT New revenue sources Insurance companies get their revenue by charging their customers premiums in exchange for insurance coverage. With this in mind, new services and products can be developed — by analyzing customer data we can get insights on what could be a new product that would have a high demand on the market, provide additional services like predictive maintenance and recommendation of services. IoT could also help insurance companies’ cross-sell to customers. With more data about customers and their behaviors, there may be scope to suggest new customized products, make recommendations for each customer and create a network of partners such as car repair centers or MoT specialists, where repeat businesses and commission opportunities may well be explored. Reduce costs IoT collected data also allows In...