In 2019, 64% of consumers were willing to share information from wearable devices with insurers to get cheaper premiums. In the same year, worldwide spending on IoTs amounted to $686 billion. By 2023, worldwide spending is anticipated to be $1,1 trillion. IoTs are increasing and allow underwriters to understand clients deeper than ever.

By leveraging IoT data, insurers can take on a preventative, rather than reactive, approach. Instead of responding to issues or events after the fact, teams can now predict the occurrence of events. But with opportunities come challenges including data security, data management and acting rather than reacting.