Gartner Research

Three-Step Plan for Insurance CIOs to Build an Effective IoT Initiative

Published: 04 January 2018

ID: G00328870

Analyst(s): Manav Sachdeva , Juergen Weiss

Summary

Internet of Things initiatives in insurance are largely focused on customer retention and, at most, risk-based pricing. Insurance CIOs looking to transform key business processes by using IoT will need a defined value proposition, advanced IT capabilities and an extensive partner ecosystem.

Table Of Contents
  • Impacts

Analysis

Impacts and Recommendations

  • Use a Clear Value Proposition for IoT Initiatives With the Application of IoT data
    • Auto Insurance
    • Home Insurance
    • Life Insurance
  • Insurance CIOs Need Modern Data Collection and Analytical Capabilities to Handle and Process IoT Data
    • Auto Insurance
    • Home Insurance
    • Life Insurance
  • Insurance CIOs Need Multiple Business Partnerships Within the IoT Ecosystem to Develop Rich Insurance Offerings
    • Auto Insurance
    • Home Insurance
    • Life Insurance

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