Insurance companies integrate Internet of Things for improved data collection, pricing

The insurance industry is beginning to incorporate the Internet of Things into pilot programs, using embedded sensors and smart devices to streamline data collection, improve customer and agent interaction and set pricing, according to a report from Novarica. “At some point in time, the entire value chain including product, underwriting, pricing, risk assessment, service and claims handling will all be impacted by IoT,” said Novarica’s Mitch Wein.