How IoT Can Play a Risk Mitigation Role and Not Just Be a Security Headache
In an intriguing trending session at RIMS 2022, Chubb leaders shared the stage with Waymo and Prologis executives to talk about the Internet of Things (IoT) and its power to disrupt traditional risk management.
IoT as an Insurance Tool
As a technology, IoT is growing rapidly.
Use cases abound, from cloud computing to connected technologies and digital data.
IoT technology — embedding digital sensors in physical objects — complements risk management and risk mitigation services, making it an important investment for insurers. Insurance companies have to be able to predict risk with as much accuracy as possible, and IoT sensors are a game-changer when it comes to this.
During the pandemic, IoT sensors took off and enjoyed a surge in popularity.
Because the pandemic shutdown many businesses, IoT sensors became the eyes and ears to watch over the newly-vacant buildings. If one of the building’s systems failed, the IoT sensor would pick it up and notify someone. And the sensors are continually tracking and recording data, and data is key to insurance companies.