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Insurance & the Internet of Things | Navigating the emergence of the IoT

1). Abstract: The insurance industry is in danger of being sidelined by the IoT, as manufacturers and service providers use their operational data to better tackle risk and unplanned downtime. These businesses could offer insurance as part of a bundled service, moving the customer relationship from the hands of the insurer and into that service provider. As IoT-data removes uncertainty from the risk calculations, the traditional insurance market is poised to shrink. However, data-driven usage-based insurance (UBI – akin to pay as you go) presents new opportunities for the insurance industry, and if data-sharing relationships can be brokered with customers, insurers could find themselves sitting on vast troves of valuable data that could be monetized – should the temptation strike…

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