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How Technology Has Affected Insurance

How Technology Has Affected Insurance

Advancement in technology tends to minimize your risk and can lower the cost of your insurance. Your insurance company has joined part of a new wave of technology that is taking the country by storm. The insurance industry calls this the “Internet of Things, (IoT).”

The ways in which technology helps you can be defined by one word, “Connectivity.” We are all connected in so many ways now, and this can help reduce your risk. “For example, the sensors in smartphones and smartwatch devices are already helping healthcare providers to diagnose illnesses and monitor wellbeing. Black box telematics in cars can assist insurers in informing policyholders of how safe their driving is and helping shape their insurance rates.” (, by Editor.

Ways in Which loT Helps You

  • Smart devices are connecting your homes in dozens of ways, including home security, heating, lights, and appliances. These allow you to manage your home from anywhere and detect a fire or other hazard.
  • Automated claims systems are able to help your business analyze employee injuries, which leads to the development of advanced safety programs.
  • Using smart vehicles allows employers to monitor commercial drivers, which can lead to safer drivers.
  • Parents are able to use smart devices in personal autos to monitor teen drivers. Some auto insurance companies are offering these devices as an incentive to lower premiums based on actual driving indicators.
  • Connecting you and your insurer may provide added benefits, as well. For example, safer drivers will get discounts, smart homes will have fewer fires, and you will be connected to a healthcare provider to help you manage your personal health.

The key to this IoT is to know how to use it to benefit you. An experienced independent insurance agent will partner with you to educate you on how the IoT will impact you and how you should respond to it. With any technology, there will be a positive and negative impact to you and your family.  It is always best to consult with an expert to help you better understand your role in the internet of things.


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