Managing Inland Marine Insurance on an IoT Platform
Two emerging concepts born in the Fourth Industrial Revolution are coming together: IoT and platforms. The fusion of the two concepts will pressure inland marine and other property insurers to transform their manner of conducting business. The expanding deployment of the IoT within commercial insurance clients’ products presents property insurers with new risk mitigation. Correspondingly, commerce is increasingly being conducted digitally rather than imprisoned within geographic silos, and Market Insight Group believes it will be mostly conducted on platforms in the next five to seven years. This fusion has two implications for inland marine insurers: the need to meet market expectations to offer IoT-shaped property insurance coverage, and the opportunity – which will become an imperative – to interact with and provide value-add services to clients on a platform. Market Insight Group believes inland marine insurers should meet the expectation and fulfill the opportunity by shifting company strategies, go-to-market initiatives, and other business operations to IoT-enabled platforms.