Learn about the advantages of the IoT for insurance companies

Do you have any notion or idea what the Internet of Things is about? Anyway, if you don’t have much idea, stay in the article, and we will show you what this is all about, let’s get started!

What is the Internet of Things (IoT)?

The Internet of Things, or IoT for its acronym in English (Internet of things) is a key factor and part of insurers in the transformation to the digital Age, since the study and analysis of this field is what will define what it is what is important to people.

It is about technology that connects our household objects to the internet, those that are for daily use and that are ordinary. However, not only is this internet connection enough, the IoT tries to connect objects to each other.

In this way, various objects can interact with each other as part of a program. For example, the alarm clock may be synchronized with the coffee machine, and once it activates the alarm, the coffee machine can simultaneously start brewing the coffee.

Another example would be that the blinds are programmed to close when a certain level of darkness is detected in the environment, and that this in turn activates the interior and exterior lighting of the house.

All this seems out of the question of insurance companies, but it shows how traditional objects are now much more expensive than before, of course, with amazing functionalities, which are surely the object of being insured.

The ioT as a key for the Insurance Companies

People are surrounded by many objects in their day to day, it is estimated that a human being can be surrounded by between 100 and 5000 objects in their homes, including smart devices of course.

Now, can you imagine being able to have more precise control over these things around you? It would be much easier if you could know the exact location of a lost object.

Or if, on the contrary, the use it has had if it is a household appliance. There are industries that are responsible for the study and development of this type of technology, without we are talking about smart homes.

The inclusion of some small device in each object would allow its tracking and complete communication with each other instantly.

So the question is, what does this have to do with Insutech and startups? Very easy. The Internet of Things makes it clear which have become the new priorities of people, those that they always want to be close to and that, if they lose them, they will want to recover them.

Imagine that you have an object of value insured and that it is lost. Obviously the insurer will pay for it, however, if you could know the exact location of it, recovering it would be a palpable reality.

Likewise, if during a trip you take a private transport that you have hired by the insurer and leave an object when you get off, the combination of IoT and Insurtech will allow you to know where you left the object, and by knowing its location and being a insurance vehicle, the object may be returned to its owner. Do you realize how everything connects?

Startups and Insurtech are revolutionizing the insurance market at devastating steps, and more and more elements are playing an important role in this, such as the Internet of Things, Blockchains, and more.

Insurance is always in people’s lives, that is why it is important as a company in the sector, to know how to respond to customers in a satisfactory way, with changes based on good measures and reliable results.

Getting on the train of change and the revolution in the insurance industry will represent a bright horizon full of great harvests, which will not always be so abundant, but which will surely, under the startup model, be much larger and exponential than traditional companies.

At LISA we are committed to the revolution of insurers through avant-garde technologies to leave behind their traditionality, which only stagnates and makes it less efficient. If you want to know more about us, contact us through our form by clicking here.

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