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Internet of Things & Insurance

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Health is an area where Internet of Things devices are already being used to lower insurance premiums for those who agree to wear the devices and to share data with insurance companies.  wearables like FitBit have been tied to several insurance premiums.

 Other areas of consumer related lifestyle data include the use of vehicle telematics devices (devices that enhance navigation, safety and communication features). Those who agree to have these devices integrated with their vehicles can see lower car insurance costs.
Networked smoke detectors for informal settlements, in the townships of South Africa have been developed by the company Lumkani. Lumkani is described as “the world’s first networked heat-detector designed specifically for a slum environment.
Lumkani devices are networked to each other using radio frequency. When a fire is detected, the alarm sounds in all homes within a 40 meter radius. A variable sound is used signal to users when a fire is in a separate dwelling.

Radio-frequency identification (RFID) chips are tracking livestock for insurance, such as the IFFCO-Tokio system. IFFCO-Tokio is piloting a cattle insurance project targeting more than 25,000 poor farmers and their families in the Indian states of Gujarat, Punjab, Maharashtra, Rajasthan and Orissa.

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