Carriers Seek Ways to Profit From Trillion IoT Devices
Insurance companies that fail to define a clear IT innovation strategy risk falling behind as disruptive technologies reshape the industry, executives warned this week.
The warning comes as the number of internet-connected devices surges. By 2025, analysts project more than 50 billion IoT devices will be in use globally. That figure is expected to reach one trillion by 2030, creating new data streams and business models for carriers.
Speed and flexibility as competitive tools
A panel of insurance leaders will discuss how companies can turn innovation into measurable returns during a webinar scheduled for March 11, 2020. The session will focus on three key areas: cultivating an agile culture, modernizing infrastructure, and targeting investments for long-term growth.
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Executives are urged to adopt an “innovation mindset” from the top down, rewarding collaboration and individual ownership of change. Legacy systems, often seen as barriers to adoption, should be replaced with dynamic tech infrastructure capable of integrating new tools as they emerge. Investment priorities, meanwhile, should align with future needs rather than short-term fixes.
This isn’t the first time the insurance sector has faced technological disruption. In the early 2010s, telematics devices in vehicles forced carriers to rethink risk assessment models. The current wave of IoT expansion—from smart homes to wearable health monitors—demands a similar shift, but at a far larger scale. Companies that treated telematics as a passing trend, rather than a structural change, found themselves playing catch-up. The stakes now are higher, with a trillion devices generating data that could redefine underwriting, claims processing, and customer engagement.
The webinar is organized in partnership with the Insurance AI and Innovative Tech USA Summit 2020, an event expected to draw over 500 attendees from across North America’s insurance ecosystem. The summit will explore how technologies like AI, blockchain, and automation can be embedded into operations to create more relevant products and seamless customer experiences.
Legacy systems remain a persistent hurdle
Many insurers still rely on outdated IT architectures that struggle to integrate with newer tools. The panel will address how companies can transition away from these systems without disrupting core operations. A dynamic infrastructure, executives argue, is essential for adapting to emerging technologies like machine learning and real-time data analytics.
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Investment decisions will play a critical role. The discussion will emphasize prioritizing Insurtech spending based on long-term objectives, rather than chasing every new trend. The goal is to anchor innovation strategies in measurable outcomes, ensuring that new tools deliver tangible returns.
The event is hosted by Insurance Nexus, a London-based organization that provides industry analysis, research, and networking opportunities for insurance executives. The company operates at the intersection of London’s tech and financial districts, positioning itself as a hub for industry innovation.
Registration details and additional information about the webinar were available through the event’s organizers at the time of publication.
