Points of View

Insurance clients need their service providers to step up their IoT partnerships

Feb 14, 2020 Josh Matthews

A range of applications for the internet of things (IoT) in the insurance sector includes developing usage-based pricing models, precise and dynamic risk assessment, and new process efficiencies; crucially, insurance firms’ goals match these applications. Despite this, service providers are lagging demand, whether you look at it from the angle of our IoT services or insurance services Top 10 reports. The first step in meeting clients’ IoT needs is revamping providers’ partnerships. Providers must collaborate with vendors and leading insurers to build or co-develop solutions and go-to-market (GTM) strategies that meet insurance clients’ needs, whether or not they have internal expertise in IoT technology or the insurance vertical. Only 14% of insurance IoT use cases are in production, so not partnering early will mean lagging those who do with limited partnership opportunities available.

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