“INSoT” – The Insurance of Things and the Proliferation of Protection
Nick Bilodeau · 2018
The growing digital interconnection - commonly referred to as the Internet of Things (IoT) - will have a knock-on effect, enabling a wide range of value-adding benefits and services across many industries as it continues to evolve. Insurance will ultimately be a part of the benefiting industries and will increasingly become more broadly integrated into our day-to-day - lives in what could by extension be referred to as the "Insurance" of Things (or INSoT). An INSoT world will bring about the next generation of protection. It will be a world in which sensors, real-time big data, and advanced analytics blend with policy-holder profiles to produce a more profound and holistic understanding of customers, their environments, and risks in need of coverage. This deeper level of understanding and interconnectivity will in turn support the broader delivery of protection and risk mitigation, whether in new forms of insurance products, loss prevention, or recovery support.