IOT FOR INSURANCE
IoT’s real-time data collection and sharing power is creating significant new opportunities in finer product segmentation, more specialized pools of risk and predictive modeling to better assess risk, improve loss control and accelerate premium growth.
Focused on underwriters, Birlasoft’s IoT for Insurance helps underwriters with risk assessment of plants by analyzing data from sensors installed at various stages of production.
- Data analysis from sensor installed in power plants
- It analyses data transmitted from sensors installed in power plants, giving indicators as to the health of the plant, probability of breakdown etc. thus, helping underwriters to assess the Risk accurately and accordingly price it.
- It’ll also give a black box like data feed that can be used in the event of claim to determine exact details around the loss or damage.
- It’ll help reduce premium payment for insured, reduced losses, reduced claim payments for insurers and also fraud prevention.