Vision Report

Connected Insurance: Reality Or Hype?

August 13th, 2021
With contributors:
David Hoffman , Heidi Shey , Julie Ask , David Mooter , Brandon Purcell , Nicole Murgia , Fatemeh Khatibloo , Arielle Trzcinski , Christiana Lano

Summary

Connected insurance (CI), which incorporates the internet of things (IoT) and sensors, has significant implications for elevating customer experience and simplifying workflows like underwriting processes and claims handling. The adoption and application of CI varies across personal and commercial auto, homeowner, life and health, and small commercial insurance. This report highlights the factors driving consumer adoption of CI; discusses the financial implications of CI for customer experience and the insurance value chain; identifies the headwinds for CI; and provides recommendations for building a CI strategy.

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