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IoT 보험 시장 : 성장, 동향, COVID-19의 영향과 예측(2021-2026년)

IoT Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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IoT 보험 시장 : 성장, 동향, COVID-19의 영향과 예측(2021-2026년) IoT Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
발행일 : 2022년 01월 페이지 정보 : 영문

본 상품은 영문 자료로 한글과 영문 목차에 불일치하는 내용이 있을 경우 영문을 우선합니다. 정확한 검토를 위해 영문목차를 참고해주시기 바랍니다.

세계의 IoT 보험 시장 규모는 예측 기간 중 40%의 CAGR로 성장할 것으로 예상됩니다. 보험은 세계의 IoT 시장에서 가장 급성장하고 있는 업계의 하나입니다. 혁신적인 보험 모델에 수반하는 보험업계의 성장과 보험료 및 리스크 관련 비용을 삭감하기 위한 IoT의 사용 증가는 최근 조사된 시장의 성장을 촉진하는 주요 요인입니다. 다양한 최종사용자 업계에서 디지털 테크놀러지의 이용 증가와 데이터를 수집하기 위한 디바이스 또는 센서의 진보에 의해 시장은 성장하고 있습니다.

  • 보험업계의 조사에 따르면 보험 기업의 20%가 IoT 구상의 시험 운영 및 테스트를 시행하고 있었습니다. 복수 테크놀러지 이네이블러의 조합에 의해 보험에서 IoT의 채택이 증가하고 있습니다.
  • 스마트 그리드에 의해 IoT 유틸리티는 예측 기간 중 견인력을 획득할 것으로 기대되고 있습니다. 5G는 진보를 초래하며, 이 부문에서 IoT 대응 솔루션의 범위를 한층 더 확대할 가능성이 있습니다.
  • 최근 COVID-19의 발생과 세계의 록다운은 전 세계의 많은 산업에 영향을 미치고 있습니다. 그러나 보험은 특히 건강 및 관련 분야에서 수요의 대폭적인 급증을 목격한 업계입니다. COVID-19에 의해 많은 업계가 IoT 솔루션, 특히 헬스케어에 대한 투자를 늘리고 있으며, 시장 범위가 한층 더 확대하고 있습니다. IoT 대응 보험 서비스의 범위가 확대하는 것에 따라 운전습관연계보험(UBI)은 계속 성장할 것으로 예상됩니다.
  • 그러나 COVID-19에 의해 보험 기업은 실용적이며, 측정된 정보에 기반한 접근이 필요하다고 하는 새로운 과제에 직면하고 있습니다. 따라서 기업은 포스트 코로나 시대에 비지니스를 유지하기 위해 그 어느 때보다 더 테크놀러지를 필요로 하므로 업계를 업그레이드할 필요가 있습니다.

IoT 보험 시장을 조사했으며, 시장 개요, 시장 성장요인 및 저해요인 분석, 최종사용자별·지역별 시장 규모의 추이와 예측, 경쟁 구도, 주요 기업의 개요, 시장 기회 등의 정보를 정리하여 전해드립니다.

목차

제1장 서론

제2장 조사 방법

제3장 주요 요약

제4장 시장 인사이트

  • 시장 개요
  • Porter's Five Forces 분석
  • 업계의 밸류체인 분석
  • 업계에 대한 COVID-19의 영향 평가

제5장 시장 역학

  • 시장 성장요인
    • 혁신적인 보험 모델과 병행한 보험업계의 성장
    • 프리미엄 및 리스크 관련 비용을 삭감하기 위한 IoT의 사용 확대
  • 시장 억제요인
    • 수집된 데이터로부터의 프라이버시의 높은 리스크

제6장 시장 세분화

  • 최종사용자 업계별
    • 소매 및 상업
    • 주택(스마트홈)
    • 자동차
    • 산업
    • 헬스케어
    • 기타 최종사용자 산업(공공 인프라, 물류 및 내비게이션, 직장)
  • 지역별
    • 북미
    • 유럽
    • 아시아태평양
    • 라틴아메리카
    • 중동과 아프리카

제7장 경쟁 구도

  • 기업 개요
    • IBM Corporation
    • Microsoft Corporation
    • Intel Corporation
    • Oracle Corporation
    • SAP SE
    • Google LLC
    • Verisk Analytics Inc.
    • Accenture PLC
    • Cisco Systems Inc.
    • Concirrus Ltd
    • Damco International AS
    • ForMotiv LLC
    • TomTom International BV
    • Webfleet Solutions BV

제8장 투자 분석

제9장 시장의 미래

KSA 21.02.23

The IoT insurance market is expected to grow at a CAGR of 9.84% over the forecast period (2021-2026). Insurance is one of the fastest-growing sectors in the global IoT market. The recent COVID-19 outbreak and the nationwide lockdown have impacted many industries worldwide; however, insurance is once such sector that has witnessed a significant surge in demand, especially in health and related segments. Due to COVID-19, many industries have increased their investment in IoT solutions, especially healthcare, thereby increasing the demand for IoT insurance market.

However, with COVID-19, insurers face new challenges that call for a measured, practical, and informed approach. Insurers will need to consider establishing cross-functional, emergency decision-making teams to coordinate the organization's response, set new safety protocols, and assure quicker action as conditions continue to evolve. To enhance their IoT offering, insurers will need to deploy technologies like AI, Machine Learning, Robotic Process Automation, Augmented Reality, Telematics, Social Media, and Drones.

Key Highlights

  • Growth of the insurance sector in parallel with innovative insurance models and growing usage of IoT to reduce the premium and risk-related costs are some of the major factors driving the studied market adoption in recent years. The growing adoption of digital technologies across various end-user industries and advancements in devices or sensors for collecting data further expand the studied market growth over the forecast period.
  • According to an Insurance Industry report, 20% of the insurance companies were either piloting, testing, or deploying IoT initiatives. A combination of multiple technologies enabler drives this increasing adoption of IoT in the insurance. According to the study conducted by UK-based insurance market Lloyd's, IoT will bring various advantages to the insurance industry, such as avoiding preventable losses, better risk understanding, capturing patterns and behaviors, fraud detection, and enabling proactive monitoring. According to Forbes, IoT can benefit insurance companies by reducing the cost of the claims process by 30%, whereas IoT-enabled devices can decrease premiums by 25%.
  • IoT has the power do not just transform in the insurer's top line, but also the bottom line. Once permitted by the policyholder, insurers can live to raise the data and alerts from IoT devices to deliver services with minimizing touchpoints. The growing trend of connected devices across various industries is mainly enabling insurance companies to have greater control over data, thereby mitigating fraud. IoT implementation will also help to enhance efficiencies of systems, improve protection mechanisms, and reduce claims, leading to cost efficiency. The number of devices used per customer had increased significantly, denoting rating higher acceptability in the ecosystem.
  • With smart grids envisioned to globally take over the entire energy industry, the IoT utilities are expected to gain traction over the forecast period. 5G is likely to bring advancements and further expand the scope of IoT- enabled solutions in the sector. Many industry experts also claim that the vehicle telematics is leading the 5G in IoT insurance application. The rising commercialization of 5G will allow the collection of more granular data in real-time about the performance and health of the vehicle and the drivers' behavior and enable the delivery of more sophisticated pricing plans for insurance companies. For instance, Harman launched the 5G -ready car telematics solution.

Key Market Trends

Automotive is Expected to Hold Significant Share

  • The growing market for telematics and trends, such as ADAS and autonomous vehicles, mainly drive the adoption of IoT insurance in the automotive and transportation sectors. The NAIC Center for Insurance Policy and Research (CIPR) conducted a study on Usage-Based Insurance and Vehicle Telematics. They explored the effect of IoT and other technologies in the automotive insurance industry and analyzed the implications of telematics for insurers, consumers, and state regulators. The study concluded that telematics-supported usage-based programs provide societal benefits and advantages for both the consumer and the insurer.
  • With an increase in the usage of connected vehicles connected to V2X (meaning vehicle to an external IoT device), there is intelligent and cooperative IoT data exchange between them. This data is further utilized for calculating premiums. Moreover, automobile companies with an outlook toward connected cars are currently expanding their area of interest toward insurance telematics in the region. Government and insurance companies are also boosting IoT-enabled automotive, as it also provides safety. The US-based Insurance Institute for Highway Safety (IIHS) estimates that the standard auto brake will prevent 28,000 crashes and 12,000 injuries in the US.
  • Additionally, in May 2019, Unipol, Italy's largest auto insurer, partnered with TrueMotion to leverage data-driven insights from TrueMotion's platform to power its smartphone telematics programs. This has been achieved through Linear's BestDriver program in Italy, which is set to promote safe driving and fight distracted driving specifically. In August 2019, FCA Italy and LexisNexis Risk Solutions, a data analytics and technology provider, collaborated to offer European FCA customers a range of customized car insurance and mobility services. The services include insurance policies based on actual vehicle use, short, medium, and long-term car rental or car-sharing solutions.
  • Advancement in telematics is further enhancing IoT enabled insurance, as it helps in calculating premiums and limiting fraud claims. According to Towers Watson, multinational risk management, insurance brokerage, and advisory company, IoT-enabled telematics technology can help reduce high-risk behaviors in young drivers, as approximated, by more than 30%, lowering claims costs in this age group by a bare minimum of 30%. In November 2019, Active Communications International hosted a joint Insurance Telematics' and 'Connected Cars' conference in London, which looked onto integrated GNSS systems as providing more than just positioning and navigation.

North America is Expected to Hold Major Share

  • North America is expected to hold a significant market share in the IoT insurance market, given the growing awareness and the faster adoption of IoT. Many companies, such as Progressive, Liberty Mutual, and State Farm, are leveraging the IoT technologies in this region to enhance their efficiency, in terms of risk assessment. John Hancock, a major insurance company in the United States, was one of the first to utilize the power of wearable devices by partnering with Vitality, distributing free Fitbits to customers, and tracking their well-being, making them less at risk of filing a claim. Moreover, the company is home to some significant players who offer their IoT solutions for various insurance companies.
  • The region is also witnessing an increasing number of startups. In June 2020, the US-based startup that offers an AI-based data platform for insurance underwriting, Planck, raised a USD 16 million Series B led by Team 8 Capital, anticipated that clients would need to handle an influx of insurance requests as businesses adapt to the COVID -19 pandemic. US-based car insurance company, Progressive, uses its usage-based-insurance (UBI) telematics program to monitor how its car insurance customers drive. The company has made observations of over 1.7 trillion drivers and says that its prices are based on "how user drives, rather than just on traditional factors like where users live, and what kind of car users have."
  • In April 2020, Parsyl, Inc., a US-based supply chain data platform, announced ColdCover by Parsyl Insurance, a suite of connected cargo insurance products for perishable goods powered by its IoT data platform. As the only integrated supply chain visibility and cargo insurance solution, Parsyl has created a data-driven insurance offering that is simple, transparent, and fast, including the industry's first and only parametric spoilage policy, protecting against losses due to temperature. Parsyl's cargo insurance suite gives shippers of perishable goods the coverage, predictability, and protection they need for their products' most significant risks.
  • In September 2019, Bell announced an expanded reciprocal roaming partnership with AT&T to provide Canadian business customers access to AT&T's LTE-M network across the United States. Bell was the first Canadian company to launch a 5G-ready LTE-M network in Canada, transforming how Canadian insurance businesses leverage the Internet of Things (IoT) technology. LTE-M supports various low-power IoT applications with enhanced coverage, lower costs, and longer battery life for IoT devices connecting to Bell's national network. Bell LTE-M supports a wide range of large-scale IoT innovations, including asset tracking, fleet management, smart sensors, and smart city applications, etc.

Competitive Landscape

The IoT insurance market is highly competitive, owing to the presence of many large and small players in the market, operating in the domestic and international markets. The market appears to be fragmented due to the presence of many technological giants in the market. Some of the major players in the market are IBM Corporation, Microsoft Corporation, Intel Corporation, and SAP SE.

  • May 2020 - Verisk and Geotab announced that the Verisk Data Exchange Add-In is now available on the Geotab Marketplace. Fleet customers of Geotab, which provides connected vehicle solutions for improved fleet management to more than two million global subscribers, can now choose to share their telematics data directly with insurers participating in the Verisk Data Exchange through this new integration. The data will help commercial auto insurers gain more granular insights into fleet risks to refine underwriting, rating, and other potential insurance services for participating policyholders.
  • April 2020 - HBF, a private health insurer based in Australia, adopted Oracle Health Insurance (OHI) to support its digital transformation as part of a broader strategy to modernize its systems and processes. The organization currently has more than 1 million members and a robust reputation in Western Australia. With Oracle Health Insurance as the core platform across its health insurance products, HBF aims to grow its membership and expand its services throughout Australia.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

TABLE OF CONTENTS

1 INTRODUCTION

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.2.1 Bargaining Power of Suppliers
    • 4.2.2 Bargaining Power of Buyers/Consumers
    • 4.2.3 Threat of New Entrants
    • 4.2.4 Threat of Substitute Products and Services
    • 4.2.5 Intensity of Competitive Rivalry
  • 4.3 Industry Value Chain Analysis
  • 4.4 Assessment of the COVID-19 Impact on the Industry

5 MARKET DYNAMICS​

  • 5.1 Market Drivers​
    • 5.1.1 Growth of Insurance Sector in Parallel with Innovative Insurance Models
    • 5.1.2 Growing Usage of IoT to Reduce the Premium and Risk-related Costs
  • 5.2 Market Restraint
    • 5.2.1 High Risk for Privacy from the Collected Data

6 MARKET SEGMENTATION

  • 6.1 By End-User Industry
    • 6.1.1 Retail and Commercial
    • 6.1.2 Residential (Smart homes)
    • 6.1.3 Automotive
    • 6.1.4 Industrial
    • 6.1.5 Healthcare
    • 6.1.6 Other End-user Industries (Public Infrastructure, Logistics and Navigation)
  • 6.2 By Geography
    • 6.2.1 North America
    • 6.2.2 Europe
    • 6.2.3 Asia Pacific
    • 6.2.4 Latin America
    • 6.2.5 Middle East and Africa

7 COMPETITIVE LANDSCAPE

  • 7.1 Company Profiles
    • 7.1.1 IBM Corporation
    • 7.1.2 Microsoft Corporation
    • 7.1.3 Intel Corporation
    • 7.1.4 Oracle Corporation
    • 7.1.5 Telit Communications PLC
    • 7.1.6 Synechron Inc.
    • 7.1.7 Verisk Analytics Inc.
    • 7.1.8 Accenture PLC
    • 7.1.9 Aeris Group
    • 7.1.10 Concirrus Ltd
    • 7.1.11 Allerin Pvt. Ltd
    • 7.1.12 ForMotiv LLC
    • 7.1.13 Wipro Corporation
    • 7.1.14 Webfleet Solutions BV (Bridgestone Corp.)

8 INVESTMENT ANALYSIS

9 FUTURE OF THE MARKET

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