Insurance companies and financial institutions are identifying new opportunities in the Internet of Things (IoT)
Enterprise IoT is often cited as a significant area of opportunity for sectors such as manufacturing, retail, utilities, and healthcare. In contrast, the opportunities presented by connected devices for insurance companies and financial institutions are often overlooked. From the provision of usage-based insurance applications in the automotive industry, insurance companies have gone on to provide new and innovative solutions involving risk and collateral management.
This Research Note examines the growing importance of insurance companies and financial institutions in emerging IoT markets, and investigates some of the innovative applications that have been enabled and indirectly funded by the insurance industry.
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