IoT devices and smart sensors prove to deliver greater benefits to the insurers for claim processes and risk management.
FREMONT, CA: IoT technology can help the insurance professionals in the identification of the customer behavior or actions that also allow them to identify and manage the factors of risk, thereby allowing the insurance firms to manage risks better.
Worksite Risk Mitigation
Wearable sensors allow employers to recognize risky worksite behavior and give on-the-spot feedback to eliminate any chances of such behavior in the future. Such features can result in improvements in employee behavior over time. IoT technology offers an opportunity for the insurers to get in-depth insight over individual behaviors and underwrite such risks accordingly. Moreover, with advancements in risk mitigation and safety management, insurers can observe a significant decrease in claims.
Lifestyle Risk Mitigation
The significant growth of workplace wellness applications in the corporate world presents a massive business value of improved employee health. Insurers actively participate in employee wellness improvement programs. Wearable technology enables employers and insurers to access the insight they need and control the adherence of health and wellness programs. Incentivizing the employees who focus on maintaining fitness routines by tracking them via wearables is also an effective way to improve employee health and extend business value to the insurance.
Homeowner’s Risk Mitigation
Water, fire, and burglary related insurance claims are the most frequent homeowner claims. As fire-related claims are considered as the most expensive homeowners’ insurance claims, it accounts for one-quarter of total claims costs. IoT-enabled devices help in remote monitoring of the home and remote alarm systems in case of any mishap or accidents. With these smart systems, homeowners’ common issues can be addressed with the help of sensors and remote monitoring appliances, which benefits the insurance firms to reduce the claim payments.
IoT devices and smart sensor systems hold tremendous potential for insurance agencies that continuously look for opportunities to mitigate risks across the various operational sectors.
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