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Half of U.S. businesses use IoT devices to improve operations

95 percent of risk managers expect big effect on insurance

Half of U.S. businesses (51 percent) are using the Internet of Things to save money and streamline operations, an HSB survey of risk managers shows, and almost all of them expect IoT technology will transform insurance coverage and loss prevention services.

IoT efficiency and productivity gains

The primary reason their organizations implemented IoT devices was efficiency and productivity gains (53 percent), the risk managers from larger businesses and institutions said, followed by inventory tracking and management (18 percent) and to capture and organize data (16 percent).

Some customers worry about cost and complexity

Of the risk managers for companies which had not installed IoT devices, about half of them (48 percent) believed IoT devices were too complex and 18 percent thought IoT devices were too expensive.

HSB has IoT solutions

HSB can make IoT solutions easy and affordable for both insurers and their customers. Our IoT-based business services are provided within insurance to strengthen the connection with clients, improve underwriting, help reduce claims and make a competitive difference.

Real-time information, real benefits

“IoT technologies are changing the way we do business by providing real-time information that can benefit companies and their customers,” said HSB Senior Vice President Jack Volinski. “As companies add IoT devices, they discover that not only can they increase profits and reduce risks, they have a stronger dialogue with their customers and business partners.”

IoT will transform insurance coverage

Almost all of the risk managers (95 percent) who responded to the HSB survey expected IoT technology to bring major changes to the way insurers underwrite policies for businesses and institutions and help them prevent and manage losses.

It will “change everything”

The Internet of Things will “change everything” about insurance and underwriting for businesses and other commercial insurance customers, according to 34 percent of the risk managers, while 61 percent believe IoT will significantly improve risk management.

What are risk managers are thinking?

Click here to see the results of the survey, which was conducted at the 2017 Risk Management Society Conference (RIMS). Visit our website to learn more about HSB’s Internet of Things.

Half of U.S. businesses use IoT devices to improve operations