The IoT Insurance Market: Leveraging Connected Devices to Transform Premiums
The global IoT insurance market is gaining traction rapidly driven by insurers integrating sensors, wearables, telematics and other smart devices to obtain granular risk insights and offer usage-based insurance. IoT is transforming actuarial analysis, underwriting, pricing models, and customer engagement in the insurance industry. The market outlook is positive, presenting significant growth opportunities.
Market Overview:
IoT insurance encompasses a range of usage-based insurance models leveraging real-time data from internet-connected devices to determine premiums based on policyholder behavior and actual asset utilization. This allows highly customized premiums aligned to individual risk profiles. Significant cost savings and engagement incentives are driving adoption across various segments.
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Market Growth:
The global IoT insurance market is projected to register an impressive CAGR of over 55.72% during 2023-2030, reaching a value of USD 2,452.45 billion by 2030. Market growth is fueled by insurers increasingly partnering with IoT companies to design customized products benefiting customers. Rising adoption of smart devices across verticals provides insurers access to in-depth risk insights at reduced costs.
IoT Insurance Market Segmentation:
Based on type, IoT insurance market is segmented into health, property, and casualty (P&C), life, and others. The P&C segment accounts for the largest share. By end-user industry, key segments are automotive, transportation, home, commercial buildings, life and health, business and enterprise, travel, agriculture, and consumer electronics. Region-wise the market is categorized into North America, Europe, Asia Pacific, Latin America, and MEA.
Key Companies Major companies offering IoT insurance solutions include IBM, SAP, LexisNexis, Oracle, Cognizant, Accenture, Cisco, Verisk Analytics, Concirrus, Zonoff, and Capgemini. Strategic partnerships with connected device providers are allowing insurers to introduce innovative products. For instance, in 2022 Amazon partnered with Hippo to provide homeowners insurance using smart home data.
Market Drivers:
- Increased availability of IoT devices providing real-time insights into asset utilization and consumer behavior patterns.
- Ability to offer highly customized and flexible insurance policies based on usage-based data.
- Key growth opportunity for insurers to attract, engage and retain tech-savvy customers.
- IoT data enhances underwriting accuracy by minimizing risk ambiguity.
- Reduces claim processing time and enables proactive asset maintenance and incident prevention.
- Rising industry collaborations between insurers and connected hardware providers like automakers.
Regional Insights:
North America leads the IoT insurance market driven by advanced IoT infrastructure and insurtech innovation. Rapid growth is expected in Europe and Asia Pacific due to rising adoption of value-based insurance models and partnerships between insurers and connected device manufacturers.
Industry Latest News:
- In 2022, Progressive partnered with Mercedes to provide usage-based insurance for vehicle owners.
- In 2021, Lemonade acquired vehicle IoT platform Metromile to strengthen auto insurance offerings.
- In 2022, Swiss Re joined The Climate Pledge to co-develop climate-smart insurance products.
- In 2022,asnOZ Insurance rolled out farm sensor insurance for growers to obtain weather readings.
- In 2021, Ping An launched healthcare wearable offering personalized insurance packages in China.
The incorporation of IoT in insurance delivers advantages to both customers and providers. As insurers continue to unlock value from connected devices, IoT insurance adoption will accelerate across segments globally.
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