Insurance industry is gradually raising the bar with IoT technology. Insurers have begun to apply the technology in several ways. Sensors connected to cars, clothing, smoke and burglar alarms and several other appliances have helped to reduce risks. The idea here is simple, insurers are using IoT to prevent accidents so they will pay less compensation.
These sensors help to harvest and transfer volumes of data to insurance providers so that they can analyze the data and fix appropriate prices for different policies. There is nothing as beneficial as having access to real-time data. That is exactly what IoT brings to the table.
The sensors connected to cars collect data on driving habits of policyholders. This is necessary for fixing appropriate premium prices for different drivers. Some driving habits are safer than others. For instance, some drivers apply brakes at a reasonable distance before the obstruction while others wait until they are close. Of course, doing latter is bad because there could be brake failure.
Furthermore, some drivers don’t exceed certain speed while some others are “speed demons”. In short, drivers with safer driving habits are rewarded with lower premiums. And other drivers are advised on adopting safer driving habits to earn reduced premiums.
Sensors connected to clothes help to gather lifestyles of policyholders. This helps insurers to determine the policyholders with healthier lifestyles. That way, those that engage in regular exercises will earn reduced premiums and others that live a sedentary lifestyle are advised.
Even home appliances are not left out. Chips are embedded in them so that they could notify extended warranty insurers of potential faults and they in turn alert users to get the appliance serviced to avoid a total breakdown. It is needless to remind you that a total breakdown will cost more.
The use of IoT technology in the insurance industry also has its flip side for insurers. It could alert policyholders of risks and help them take a preventive measures and risks will be reduced tremendously. Third party healthcare IT providers could also take the cue from insurers by adopting IoT to also raise the bar in healthcare. Here are a few ways IoT can improve healthcare in West Palm Beach.
The use of IoT solutions can connect healthcare providers to their patients and help them (healthcare providers) monitor patients in real time. The solution will not only help them monitor patients’ health, they will also be able to monitor how the patients are taking their drugs. That way, if a particular medication is not working, it can be changed as quickly as possible.
With IoT, doctors can also have real-time information on the new treatments for different conditions. In addition, access to more accurate date will also help with diagnosis accuracy. So, healthcare IT providers should be planning on how to use the IoT technology for their clients.