Insurance companies looking to cut costs, improve business practices and better assess clients’ risk levels, will increasingly invest in the internet of things, according to Business Insider.
Some auto and health insurers are already offering a new type of insurance, usage-based insurance (UBI), that uses IoT devices to track clients’ activity and offer discounts or rewards for healthy and safe behavior. Business Insider expects 17 million people will have tried UBI auto insurance by the end of this year.
