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Are Insurers Ready for the Internet of Things?

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29 October 2014
Donald Light

And Should They Be?

Abstract

Celent asked a panel of CIOs a series of questions about their company’s readiness for the Internet of Things (IoT). The survey asked the CIOs about how their C-Suites view the potential importance of the IoT.

The questions covered a number of topics, including:

  • Views of the IoT in the C-Suite and among IT management
  • Organizational responsibility for tracking IoT developments
  • LOBs’ current and future IoT activity
  • Value chain-specific current and future IoT activity
  • Technological readiness

“In general insurers are in a watchful waiting mode. They believe that the Internet of Things will make a significant difference to how they do business,” says Donald Light, Director of Celent’s Americas Property & Casualty Practice and author of the report. “But they see this occurring over a period of several years. Auto insurance telematics / usage-based insurance is the one notable exception to that general trend.”

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