IoT Insurance Market 2025 Expected to Rise at A Higher CAGR Value, Driving Factors, Sales and Revenue

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Apr 28, 2021, 01:52 EST

Shibuya-ku, Tokyo, Japan, Japan, Apr 28, 2021, 01:52 /Comserve / -- The research report analyze market size, share, growth, trends, segmentation, top key players, strategies, demand, statistics, competitive landscape and forecast.

Various insurance companies are leveraging IoT technology for the analytics of the products, so that they can provide more accurate data assessment, along with effective pricing. The data collected from various sources is used to provide security policyholders and take decisions, to enhance the customer engagement.

  • Insurers partner with companies to provide latest cross-industry products and services that harness IoT technologies, which, in turn, may offer various benefits, such as frequent customer interactions with the usage of telematics apps.
  • The insurance companies, with the help of IoT, can develop new business models, by monitoring the behavioral patterns of customers related to driving, fitness, etc., so that various automotive and health insurance companies may provide incentives for the customers acknowledging the completion of their goal. This may improve the relationship between the customer and the company, which is key driving factor for any insurance company.
  • Companies can monitor and restructure their price models with the introduction of usage-based or demand-adjusting pricing using IoT sensors. Additionally, it may also leverage analytics to detect if there was any fraud.


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Key Market Trends

Property and Casualty Insurance is Expected to Hold Major Share

  • P&C insurance is expected to hold major a market share, due to the enormous amount of data collected by this segment. This segment includes auto, large commercial property, home and contents, and casualty insurance.
  • Auto insurers used to set premiums using various indirect indicators, such as the age and address of a driver. Nowadays, with the help of IoT, various data, such as driver behavior and the use of a vehicle, the speed at which one drives, and the duration of the drive, can be monitored. Insurers can assess the risk with better accuracy this way.
  • Progressive, a car insurer, is using its usage-based-insurance (UBI) telematics program to monitor the driving behaviour of its customers. Using this, the company is getting better insights on the performance of the driver and can price more accurately on an individual basis. Moreover, it also rewards the safer drivers with reduced premium.

North America is Expected to Hold Major Share

  • North America is expected to hold the major market share in the IoT insurance market, given the growing awareness and the faster adoption of IoT in this region. Many companies, such as Progressive, Liberty Mutual, and State Farm, are leveraging the IoT technologies in this region to enhance their efficiency, in terms of risk assessment.
  • Liberty Mutual, a US-based insurance company, has partnered with Google’s Nest to deploy connected smoke alarms in the home, enabling customers to reduce the risk of fire. Therefore, this effort may, in turn, reduce their home insurance premium.
  • John Hancock, a major insurance company in the United States, was one of the first to utilise the power of wearable devices by partnering with Vitality, to distribute free Fitbits to customers, in order track their well-being, thus, making them less at risk of filing a claim. Moreover, the company is home to some of the major players who are offering their IoT solutions for various insurance companies.

Competitive Landscape

The IoT insurance market is highly competitive, owing to the presence of many large and small players in the market, operating in the domestic as well as in the international market. The market appears to be fragmented due to the presence of many technological giants in the market. Some of the major players in the market are IBM Corporation, Microsoft Corporation, Intel Corporation, and SAP SE, among others.

  •  In 2019, Concirrus announced the development of its Cargo data analytics solution, which is set to provide efficient means to the way that cargo insurance is priced, selected, and managed. It is known as Quest Marine Cargo and is expected to provide full analytics on the entire journey of the cargo, using AI combined with the cargo monitoring.
  •  In 2020, Verisk launched its new analytics platform for automated underwriting of life insurance in collaboration with SCOR, a global reinsurer. Verisk’s new analytics platform is designed to help improve the life insurance buying experience for consumers, and support insurers’ digital transformation.

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1.1 Study Deliverables

1.2 Study Assumptions

1.3 Scope of the Study







4.1 Market Overview

4.2 Industry Attractiveness - Porter's Five Forces Analysis

4.2.1 Bargaining Power of Suppliers

4.2.2 Bargaining Power of Buyers/Consumers

4.2.3 Threat of New Entrants

4.2.4 Threat of Substitute Products and Services

4.2.5 Intensity of Competitive Rivalry

4.3 Industry Value Chain Analysis



5.1 Market Drivers​

5.1.1 Growth of Insurance Sector in Parallel with Innovative Insurance Models

5.1.2 Growing Usage of IoT to Reduce the Premium and Risk-related Costs

5.2 Market Restraint    

5.2.1 High Risk for Privacy from the Collected Data



6.1 By Type

6.1.1 Health Insurance

6.1.2 Life Insurance

6.1.3 Property and Casualty (P&C) Insurance

6.1.4 Other Types

6.2 By Application

6.2.1 Consumer Electronics

6.2.2 Healthcare

6.2.3 Automotive and Transportation

6.2.4 Home and Commercial Buildings

6.2.5 Travel

6.2.6 Agriculture

6.3 By Geography

6.3.1 North America

6.3.2 Europe

6.3.3 Asia-Pacific

6.3.4 Latin America

6.3.5 Middle-East and Africa



7.1 Company Profiles

7.1.1 IBM Corporation

7.1.2 Microsoft Corporation

7.1.3 Intel Corporation

7.1.4 Oracle Corporation

7.1.5 SAP SE

7.1.6 Google LLC

7.1.7 Verisk Analytics Inc.

7.1.8 Accenture PLC

7.1.9 Cisco Systems Inc.

7.1.10 Concirrus Ltd

7.1.11 Lexisnexis

7.1.12 Damco International AS

7.1.13 Hazardhub

7.1.14 ForMotiv LLC

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