The global insurance market is expected to grow by around 4.9% over the next five years due to increased adoption of IoT and the emergence of peer-to-peer and on-demand insurance models, research from IT services company Technavio found. In 2017, there will be a total of 1.36 billion connected devices in use worldwide, according to Gartner. Buyers are also comparing insurance offerings with industry peer groups to make informed decisions. Additionally, the customer's experience of purchasing a policy can be improved with the use of AI-driven robo-advisers or chatbots to resolve queries.
The global insurance market is expected to grow by around 4.9% over the next five years due to increased adoption of IoT and the emergence of peer-to-peer and on-demand insurance models, research from IT services company Technavio found. In 2017, there will be a total of 1.36 billion connected devices in use worldwide, according to Gartner. Additionally, the customer's experience of purchasing a policy can be improved with the use of AI-driven robo-advisers or chatbots to resolve queries.