In previous blogs, I have explored how the Internet of Things (IoT) is making the fabric of the world around us smarter and more responsive by merging our digital and physical universes.
Companies are leveraging IoT in new ways, including mitigating risk to prevent insurance claims. Connecting devices and new ways to monitor all types of activity via IoT benefit both commercial insurance companies and the businesses they insure.
Commercial insurance companies have, for the most part, remained unchanged for years and years. However, IoT will evolve the way business insurance is priced, purchased and operated. Large insurance companies are experimenting and analyzing how they will be using IoT data to evaluate risk, process claims and create better insurance products. Fortunately, more accurate risk models will result in more equitable premiums for you in the long run.
The main benefits you can see from implementing IoT solutions as it relates to your commercial insurance include:
- Overcoming loss drivers
- Improve employee safety
- Streamline insurance provider dealings and costs
Here are some practical examples of IoT use cases:
- Workers: Wearables can collect data on workers’ techniques. For example, your workers may be lifting boxes with bad posture. By using this information, you can train these employees. You can reduce their medical claims and time off while increasing their engagement as you are proactively improving their well-being.
- Vehicles: Vehicle sensors can provide insight into swerving, hard braking, and maintenance needs. You have the opportunity to correct the behavior or repair vehicles before an injury or accident happens.
- Water: Some of the most frequent and expensive property damage comes from water damage. IoT solutions can help prevent water damage. For example, IoT water flow monitoring solutions identify tiny aberrations in the flow rate of water moving through a pipe. Places identified as abnormal can indicate leaks and even lead to full pipe breakage. Think of the gallons of water and thousands of dollars saved before water damage can even occur.
- Property: IoT applications can be used throughout your offices and facilities. IoT sensors with motion and computer vision can detect actions such as trespassing, slipping and falling – keeping offices and employees safer. IoT offers many functions such as self-regulating lighting, heating and cooling, making it more pleasant for employees and saving money and reducing your property’s carbon footprint. Smart technology based on IoT can result in more efficient building management and help schedule predictive maintenance to avoid unnecessary outages that impact workflows.
When insurance claims are avoided, you can enjoy lower costs, less anxiety, and fewer business interruptions. iTelecom understands IoT and the nuances of connected devices and can offer you expertise and advice.