As we have discussed in our blog post about how IoT has made its way into the insurance industry, there are lots of ways smart IoT solutions have already made their way into different types of insurance companies and industries.
We often do not think about how IoT and other technologies affect industries like the insurance world because we are so focused on tech within electronics, cars, beauty products, toys, video games, etc.
However, the truth is that even relatively lower tech industries are seeing fantastic technological advancements that will change our lives more than we think possible.
Below, we have complied the top examples of how IoT has already made its way into different insurance industries and how smart IoT solutions are making the way the insurance industry works more efficient, more advanced, and more customer centric.
Progressive is a huge, nationally recognized car insurance company in the United States. In an effort to make insurance more affordable and customizable for their customers, they have integrated a new technology that can determine how much of a risk a certain customer is on the road.
They are using a usage-based insurance telematics program to monitor how people drive in their own cars. It is a machine learning device you can plug into your car’s OBD port. The device records tons and tons of information that is then sent back to the company for analysis. Based on how well you drive, or how poorly, they are able to either give you a lower or higher price on your insurance plan.
Instead of relying on old traditional factors for how your car insurance should be priced, they are now able to provide their customers with a more individual number that reflects them as a driver.
Even a smart toothbrush can now lower your dental insurance costs. Beam Dental has created their own toothbrush that they provide to every customer that can monitor their oral and tooth health information that is collected from this smart toothbrush is then sent back to the company where they can use the information to help support and possibly reduce costs of your dental insurance plan.
Beam will send their customers special messages or an encouragement message if they are not brushing their teeth enough or their oral habits are falling short of what they should be. With proper use, the company hopes they can reduce their customers dental insurance premiums by up to 25%.
American Family Insurance has begun to partner with Ring, a smart doorbell system that helps protect your home from theft and intruders. Ring is a smart doorbell that has an HD video camera that starts up when someone rings the doorbell. You can look on your phone or computer to see who is at your door without having to physically check. It doubles as a security system as well.
American Family Insurance’s partnership with Ring gives customers a $30 discount on the Ring doorbell. Insurance customers who have the doorbell are also eligible for a protective home protection discount, so the security system plan is more affordable in the long-term.
Oscar is a health insurance startup company that is looking to change the premise and the cost of health insurance for good. Oscar has been awarded a $32.5 million Google investment to help propel their efforts. They have also come to a deal with Misfit, who makes fitness trackers, to provide their insurance customers with fitness and health trackers, aimed at helping them get more fit.
Customers with a tracker will be able to receive a $20 Amazon gift card each month if they meet their step goals for the month. This wearable device may also lead to lower insurance costs and premiums and has a seemingly endless amount of potential benefits to truly change how the insurance industry in the United States works.