A survey of insurance executives finds them anticipating significant, imminent IoT led disruption, but rating their industry as being ill-prepared for it.
Sixty four percent of respondents expected that IoT to have a disruptive impact on the insurance industry over the next two, but only Only 33 percent said their company had a clear plan for implementing IoT into their business model, and 67 percent admitted that they had no clear plan in place.
Fifty percent expected the biggest impact to be in property and casualty insurance, 25.4 percent expected the biggest impact to be in health insurance, and 20 percent in commercial.
Only 23 percent said that investment in IoT was a high priority for their company. Forty four percent said it was either a low priority or not on the agenda.
Only 16 percent predicted a dramatic increase in the time spent on a IoT strategy in the next 12 months, and only 19 percent expected to have implemented IoT within a year. Understanding the technology was rated as the greatest barrier, by 5.6 percent of respondents, followed by legacy systems (39.8 percent) and security (33.3 percent).