The Internet of Things (IoT) and the connected car look to become a catalyst and disruptor in the property and casualty insurance business model, and may prove to be the impetus P&C insurers need to evolve into a new way of serving customers.
The growth in the number of connected devices has been truly breathtaking—in the next five years, the number of connected devices will increase more than tenfold, from less than 3 billion worldwide today to 30 billion by 2020.
Three domains—telematics, automotive safety and infotainment—to drive more than 15% year-over-year growth in the connected car market over the next decade. Examples of all three are already appearing. Connected sensors are appearing in vehicles—from telematics devices such as Progressive’s Snapshot, to safety sensors that automatically apply the brakes before a collision. These safety technologies will improve in number and sophistication, and they will also continue to spread beyond premium vehicles into mass-market brands. Some automotive manufacturers (OEMs), such as Ford with its Sync platform, have embedded ways for customers to user their own devices for a personalized in-vehicle experience. Most 2015 GM vehicles in the United States are equipped with advanced 4G LTE connectivity and a built-in Wi-Fi hotspot. The Tesla goes much further, with software features that are updated over-the-air, allowing the cars to get “faster, smarter, and better … while you sleep,” as the carmaker puts it.
Source:AT Kearney
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