Chapter 3 Adoption of Internet of Things and Services in the Indian Insurance Industry

Introduction: The internet of things (IoT) is the emerging technology of interconnected objects that can be termed as ‘things’ used to exchange data, connecting with different devices on the internet. It is the future where connected devices are controlled remotely. The insurance sector is one of the leading industries providing financial protection services to their customers to recover losses. Like others, the insurance industry uses the services very efficiently to solve their customer-centric problems and provide the best services to them. IoT in insurance is enhancing customer services. Purpose: To determine how the insurance industry utilises the different IoT technologies to provide the best services and solutions to their users. The insurance sector is working on other areas of expertise to offer outstanding facilities to their clientele. Methodology: We reviewed published material covering five years on IoT and insurance and customer services in the media, newspapers, journal publications, and the web. We determined how the insurance sector adapted the new terminology to contribute its best services to the users. Findings: We observed that IoT services and technologies benefit the insurance industry and the clientele. This shows excellent results in the growth of the sector and heightened facilities for the consumers.