Internet of Things (IoT) insurance has transformed the insurance industry as it allows customer with range of products offering, accessing options.
Internet of Things (IoT) insurance has transformed the insurance industry as it allows customer with range of products offering, accessing options. It enhances the customer relationships, gets a precise understanding about their customer along with their changing needs.
Thus, as results improves the insurance model and grows the demand for new technologies related to it.
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Some of the major players operating in this market are:
- SAP SE
- Google Inc.
- Cisco Systems
- VERISK ANALYTICS
- Zonoff, Inc. among others.
On the basis of insurance type, global IoT insurance market is segmented into life insurance, health insurance, property and casualty (P&C) insurance and other.
Other types of insurance do involve warranty insurance, pension insurance, farmers insurance, pet insurance, cyber insurance, savings and investments insurance.
On the basis of insurance application, global IoT insurance market is segmented into life and health, automotive and transportation, consumer electronics and industrial machines, home and commercial buildings, travel, business and enterprise and agriculture. Life and health is sub segmented into patient health monitoring, security and emergency and proactive loss prevention.
Automotive and transportation is sub segmented into connected cars, logistic and navigation, stolen vehicle recovery, fleet management, inventory management and insurance telematics.
On the basis of geography, the global IoT insurance market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East and Africa.
Some of the major countries covered in this report are:
- U.S., Canada
- South Korea
- Saudi Arabia
- South Africa
- Brazil among others.
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The global IoT insurance market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market.
Major Market Drivers:
- Improvement in the insurance model as well as startups
- Rising adoption in both developed and developing economy
- Increasing demand regarding value added services and cloud platform
Major Market Restraints:
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