Are Insurers Ready for the Internet of Things?

… And Should They Be?

New York, NY (Oct. 31, 2014) – Celent asked a panel of CIOs a series of questions about their company’s readiness for the Internet of Things (IoT). The survey asked the CIOs about how their C-Suites view the potential importance of the IoT.

The questions covered a number of topics, including:

  • Views of the IoT in the C-Suite and among IT management;
  • Organizational responsibility for tracking IoT developments;
  • LOBs’ current and future IoT activity;
  • Value chain-specific current and future IoT activity;
  • Technological readiness.

By insurer size, how does C-suite management view the Internet of Things?

“In general insurers are in a watchful waiting mode. They believe that the Internet of Things will make a significant amount of difference to how they do business,” says Donald Light, Director of Celent’s Americas Property & Casualty Practice and author of the report. “But they see this occurring over a period of several years. Auto insurance telematics / usage-based insurance is the one notable exception to that general trend.”

More detailed analysis is available in the report Are Insurers Ready for the Internet of Things?, available from Celent.

About Celent

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies (NYSE: MMC).

Source: Celent