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Insurers sensing an opportunity: the promise of sensor data

Sensor data can transform the insurance industry, giving new life to a sector that has long suffered from slow growth.

By Warren S. Hersch | Updated on March 28, 2016
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(AP Photo/Richard Drew)

Internet-connected sensors are increasingly making their presence felt in the business world. Because of their ability to continuously transmit data about users — in the home, at the workplace and on the go — the technology can potentially transform whole sectors of the economy. Sensor data is thus of keen interest to companies, not least those in the insurance space.

That interest helps to explain the growing number of studies on the topic. In its “World Insurance Report: 2016,” Capgemini explored the market implications of these new smart technologies — popularly known as the “Internet of Things” or IoT — particularly in relation to their youngest users: millennials.

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