Internet of Things in Insurance Industry

Running head: INTERNET OF THINGS IN INSURANCE INDUSTRY
Internet of Things in Insurance Industry
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1IOT IN INSURANCE INDUSTRY
Table of Contents
1. Introduction............................................................................................................................2
2. Brainstorming.........................................................................................................................3
3. Regulation and Ethics............................................................................................................4
4. Disruption...............................................................................................................................5
5. Business Process Model.........................................................................................................6
5.1 The AS-IS Model.............................................................................................................6
5.2 The TO-BE Model...........................................................................................................7
6. Conclusion..............................................................................................................................7
7. References..............................................................................................................................8

2IOT IN INSURANCE INDUSTRY
1. Introduction
The industry
The insurance industry is said to be a set of companies that provides protection to
sustainable customers from financial loss. This is a type of risk management technique that is
adhered by the normal people for preventing themselves front the state of financial loss. This
industry provides mainly three varieties of insurance policies that are identified as life
insurance, health insurance and liability insurance (Kshetri, 2017). The preliminary
possession of the insurance corporations can be viewed in two forms that are shareholder
possession and policyholder possession. The insurance industries seeks to indemnify an
insurer with a policy of reimbursement, pay on behalf policy and lastly an indemnification
policy. The first policy is the state of policy for which an insurer is paid for his or her loss.
Secondly, the insurance is said to be the reimbursement of the policy in which the financial
loss is reimbursed for the loss of the insurer.
The technology
The IoT is said to be the technology of the interrelated devices of computing or the
mechanical as well as the digital machines, which incorporates with the identifiers that are
unique and comprises of the capability of transferring information within overall network.
This procedure is followed without the requirement of the human-to-human interaction as
well as human to computer interaction (Sun et al., 2016). This technology is said to be an
eco-system that comprises of the smart devices that are enabled by web, which uses
embedded processors, communication hardware as well as sensors for the collection of the
data, which are collected from the environment. The deployment of the IoT applications
largely depends on the connectivity, communication as well as networking protocols within
the internet enabled devices. The primary benefits of this technology is to provide a critical