The Evolution Within the Insurance World: the Use of IOT

The Evolution within the Insurance World: the use of IOT

The Insurance sector has strong and robust roots originating back to the 14th century. From the Middle Age until now, the importance of this industry did not change, instead it adapted itself to new needs and tools.

 The Origins of the Insurance Sector

As stated above, the Insurance’s origins date back to the fourteenth century, when the merchants of the Italian peninsula decided to create a measure of protection, to guard themselves from the risks of maritime trade. Thus, the first written Insurance policy was developed around the fifth century, where a notary sanctioned and verified an agreed amount of money (paid in advance) for policies that cover the risk of financial loss .

From this moment on, the insurance sector has taken hold in the world of commerce, and beyond, crossing the centuries and adapting to the needs and requirements of its customers.

The issue now is about its adaptive capacity after 500 years. Despite how much diversified and complex the insurance tools and logics have become, what remains is the need to protect oneself from different risks that frighten people, by making them safe.

Where We Are

Many insurance companies have perfected their tools with the main goal of ensuring maximum efficiency for their clients. From this observation, highly innovative and transversal instruments were developed both in the business of Life  and that Non-Life Insurance.

Where Are We Going?

It is easy to deduce that over the time, the client’ interests change as their needs. Within the Life Insurance business for example, in the pension sector,  there are customized plans and financial investments strongly marked by sustainability and ESG (Environmental Social and Governance) criteria.

Thus, the world of insurance is taking charge of global megatrend and offers its customers a range of sustainable investments, in  line with its own investments ethics.

However, there is another Insurance tool that shows more than any other, the capacity of adaptation of the sector. They are  the policies of house protection. These policies include home automation support services.

These services allow the monitoring of the house in case of  electric disfunctions, water and smoke leaks through the use of Internet Of Things (IOT) technology.

IOT represents a turning point for support services and protection of material assets. The use of this technology enables to understand what happens in the house even when the owner is out, through an operating system connected to the owner’s mobile phone.

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