Why insurance will be a boon for IoT device and service providers
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Andrew Yeoman, CEO and Founder, Concirrus
IoT in insurance presents an existential challenge for insurers, Andrew tells Martyn Warwick, but they have no choice but to adopt it and innovate.. Ultimately, he says, there will be two types of insurer: those that use the Internet of Things and those that used to exist! That is good news for the emerging IoT industry which will assist the business to move gradually from simple ‘insurance’ (where a loss is made good) to ‘assurance’, where risk is shared and ‘assurers’ use their data (in health monitoring for instance) to reduce the probability or severity of a claim.
Filmed at Internet of Insurance, London, 2016