It is evidently clear that the Internet of Things has been revolutionizing the conventional ways of lifestyle. For a long time now, IoT is making its way to more of a personal and private life with cutting edge devices and sensors. The inescapable truth is everything has got a dark side, and so does the Internet of Things, IoT also brings forward a new risk. Nevertheless, the million-dollar question is who will take responsibility when things go wrong with the Internet of Things.
The massive issue which surrounds the utilization of IoT data is at personalizing the pricing and offering of numerous services and products. Insurance companies around the world have a tough time to know how they can utilize the data generated from the Internet of Things devices.
The most significant advancement that IoT has brought to life is in the automobile insurance industry. The automobile insurers are asking the customers to install tracking devices in their vehicles as it will enlist safe-driving habits.
There is also a rise in usage-based insurance or UBI. The UBI provides the pay-as-your-drive approach which tracks location speed and several other factors for assessing risks and calculate the auto insurance premiums. According to the sources, around 50 million drivers across the U.S. are going to be enrolled in UBI programs by the end of 2020.
One of the most interesting features of UBI is that the insurers have a great time while calculating the risks much precisely. As a matter of fact, AIG Ireland is currently trying to enlist UBI for the drivers who are under 25 years of age.
There is highly likely that someday things might go wrong, and this will become a problem for the insurance industry. Nevertheless, until something like this has not happened, no one is sure as to how will the insurance industry handle the setback. And continuous innovation will be able to create a better world for the IoT industry.
**The post was published on https://www.networkworld.com
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