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Internet of Things (IoT): Considerations for Life Insurers

In: Life Insurance in Europe

Author

Listed:
  • Aleksandra Małek

    (Independent Researcher)

Abstract

Internet of Things (IoT) is a cross-industry, worldwide trend led by connectivity to Internet and development of programmable devices and sensors. Smartphones, fitness trackers, smartwatches, car black boxes, smart home sensors, and smart clothes—these are just few examples of devices that constantly collect data about their users and track their behavior or lifestyle. Most of those devices are connected to the Internet, directly or indirectly so this data can be saved and shared. Like many other industries, the insurance industry has also been affected by IoT. Multiple IoT solutions have successfully been applied in the non-life insurance (insurers have offered smart home policies and telematics motor insurance). Life and health insurers are seeking options to use data collected by wearables as regular tracking of physical activity and health conditions creates new opportunities for policy underwriting, pricing, and claims handling. IoT-linked life and health insurance is sometimes called PAYL (pay as you live) or connected life insurance. This chapter provides an overview of IoT in insurance and addresses current issues, opportunities, and challenges in the life and health insurance areas. It presents typical PAYL products and explains how wearable data can be applied by insurers. Possible IoT applications will be presented for various stages of the life insurance value chain, focusing on underwriting and claims handling.

Suggested Citation

  • Aleksandra Małek, 2020. "Internet of Things (IoT): Considerations for Life Insurers," Financial and Monetary Policy Studies, in: Marta Borda & Simon Grima & Ilona Kwiecień (ed.), Life Insurance in Europe, chapter 0, pages 177-202, Springer.
    • Handle: RePEc:spr:fimchp:978-3-030-49655-5_12
    DOI: 10.1007/978-3-030-49655-5_12
    as

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