An IoT platform is becoming an essential part of insurers’ toolkit to master the Internet of Things.
Boston, MA (Mar. 22, 2016) – Though the insurance industry is at the very beginning of its IoT journey, pioneering insurers are already grappling with how to support a wide range of Internet of Things use cases, from connected homes, to connected manufacturing, to connected health and lives, and more. Enter the IoT platform, which promises to make it easier for insurers to run a large number of IoT projects.
As they investigate a range of IoT business cases, though, insurers quickly find they lack a single place where IoT data can be aggregated, normalized, analyzed, and made available to their various departments. It is here that insurers are beginning to realize that they will need to rely on an IoT platform.
“Right now, insurers may get away with point solutions to manage a variety of IoT pilots. But to scale their IoT initiatives, insurers will need to rely on IoT platforms,” advises Gwenn Bezard, research director of Aite Group’s Insurance practice. “Enterprise IoT platforms, in particular, will become critical backbones supporting a range of IoT initiatives.”
Aite Group’s recent report, IoT Platforms for Insurance, analyzes the opportunities and limitations insurers face with IoT platforms. The report reviews enterprise IoT platform vendors and specialty IoT platform vendors that have expressed interest in working with insurers.
About Aite Group
Aite Group is an independent research and advisory firm focused on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, securities & investments, and insurance, Aite Group’s analysts deliver comprehensive, actionable advice to key market participants in financial services. Headquartered in Boston with a presence in Chicago, New York, San Francisco, London, and Milan, Aite Group works with its clients as a partner, advisor, and catalyst, challenging their basic assumptions and ensuring they remain at the forefront of industry trends.
Source: Aite Group