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From pilot to scale: insurance’s IoT challenge

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From pilot to scale: insurance’s IoT challenge

Insurance firms have spent the past several years experimenting with and piloting Internet of Things (IoT) technology to see how the technology could improve their output. However, the time for testing is coming to an end, raising the question of what insurers should look for as they adopt these solutions.

FinTech Global recently spoke to Dan Simmons, managing director and founder at Quensus, to explore what hurdles firms are facing when it comes to IoT adoption and how to ensure success.

The IoT insurance market is a rapidly growing space. Research from Mordor Intelligence reported that the market had an estimated value of $49.4bn in 2024 and is projected to reach $76.73bn by 2029. This growth is due to growing adoption within insurance models, as well as rising use cases for IoT to mitigate premium and risk-related costs.

There are several different use cases for IoT within insurance. Within the auto insurance space, the technology can help to track mileage and driving habits to offer more personalised quotes, while in property insurance the technology can be used in smart water sensors to track leaks or abnormal water flow to mitigate major damage to buildings. Similarly, IoT can be used within life and health insurance to track a person’s activity and vitals for better coverage, and marine insurance can leverage GPS tracking and other sensors to assess potential risks or damage.

With such wide use cases, it is no surprise insurers have been experimenting with the technology, but going from a proof of concept into full-scale integration is not always easy.


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