Internet of Things (IoT) in Health Insurance Market

Global Internet of Things (IoT) in Health Insurance Market: Global Size, Trends, Competitive, Historical &Forecast Analysis, 2020-2026.

""Increasing adoption of cloud platform by various healthcare insurance providers worldwide is expected to boost the growth of Internet Of Things (IoT) in Health Insurance Market over forecast period.""

Scope of Global Internet of Things (IoT) in Health Insurance Market Report–

Internet of Things (IoT) in health insurance offers an opportunity for insurers to partner with policyholders with a full view of the policyholder. It minimizes the risk in real time and lowers the claims payouts for the insurer and provides a deep level of satisfaction to the policyholders. By using IoT insurance, the insurers can utilize the data derived from all types of devices as well as external sources, such as weather data and provide the best level of protection possible for their policyholders. Health insurance has become one of the key industries impacted by connected devices. Its popularity can be determined by the trend of replacing long-term insurance policies with short-term customized solutions, which require precise data to fine-tune the policy to the needs of each specific customer and minimize risks of losing funds due to unforeseen circumstances. IoT solutions track patient behavior, activity and habits with the corresponding sensors in smartphones, wearables, and connected devices, collect data that is consequently analyzed for predictive decisioning.

Global internet of things (IoT) in health insurance market report is segmented on the basis of product type, application, and by regional & country level. Based on product type, global internet of things (IoT) in health insurance market is classified as the health insurance, property and causality insurance, motor insurance, home insurance, commercial insurance, agricultural insurance, life insurance and others. Based upon component, global internet of things (IoT) in health insurance market is classified into medical devices systems and software services. Based upon application, the market is classified into automotive &transport, healthcare, home and commercial buildings, agriculture, consumer electronics and others.

The regions covered in this internet of things (IoT) in health insurance market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of internet of things (IoT) in health insurance is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.

Key Players for Internet of Things (IoT) in Health Insurance-

Some major key players for global Internet of things (IoT) in health insurance market are IBM Corporation, Accenture, Cognizant, Oracle Corporation, Zonoff Inc., Capgemini, SAP SE, LexisNexis, Lemonade Inc, Hippo Insurance and others.

 News-

Accenture Launched Offerings to Help Health Insurers Enhance the Customer Experience and Deliver Long-Term Growth.

September 28^th, 2016: Accenture introduced the Accenture Health Experience Platform, a suite of intelligent, cloud-based services designed to help health insurers deliver seamless customer experiences and increase long-term growth. This Accenture health experience platform a sales force full force solution for healthcare helps payers provide members with personalized services while improving their operational efficiencies. Hence, the platform has the ability to evolve to meet customers’ changing needs, as new applications and supplementary services are added. In addition, increasingly economic environment, health insurers need to deliver effective interactions with consumers that are supported by personalized insights, prompt service and seamless hand-offs between personnel said Scott Brown, managing director of payer consulting at Accenture.

It will also help health insurance companies effectively deploy consumer strategies, facilitate better interactions and enhance economic outcomes. However, Accenture Health Experience Platform comprises three evidence-based modules that support the full consumer skill from enrolment through on-going services and renewal to help health insurers deliver improved member and economic outcomes. These solutions use Sales force’s customer success platform, including Health Cloud, to redefine how companies incorporate the customer into the development, launch and support of their initiative. Here, the Accenture Service Agent Solution provides a holistic view of each member with an agent dashboard, multichannel service capabilities and access to guided scripts and features to reduce handle time. This helps to increase first-call resolution by providing personalized recommendations, tailored to each member, based on insights captured across various functions.

Global Internet of Things (IoT) in Health Insurance Market Dynamics–

Insurance providers are currently looking into the adoption of internet of things-based models and services wherein they can render digital networking platform through internet of things they interact with the customer to get the insights about existing product and services. Rising adoption of wearable technology, investments for implementing digital technologies in healthcare institutions, and the emergence of connected care are the major factors fostering the industry growth. According to Telecom Regulatory Authority of India (TRAI) in 2015, the proportion of cloud IT infrastructure6 sales in the cloud industry climbed to 33.8% in last quarter of 2015, up from 28.7% a year ago. The revenue from infrastructure sales to the private cloud sector grew by 18.8% to 2.9 billion while sales to the public cloud rose by 25.9% to 4.6 billion.

However, the lack of good network condition which is essential for the smooth functioning of the Internet of Things (IoT) connected devices is anticipated to hamper market growth over the forecast years. In spite of that, the new technologies are redefining the insurance industry and creating new opportunities across P&C, Life, Health, Auto and Re-insurance markets. Here, the Internet of things (IoT) for Insurance corporation are being used to streamline field operations, predictively calculate risk, improve customer engagement, keep pace with compliance and boost competitive advantage. These insurers are looking to leverage all of the digital customer data that is now available to them, including one new data source that some of the largest insurance enterprises claim is actively collecting real-time data streams from the Internet of Things (IoT). Hence, the IoT devices such as in-car sensors, smartphones, and smart appliances, can send insurers’ data on product usage and driving habits among other behaviors. In addition, this data could be fed into AI algorithms that may allow insurers to offer risk-based pricing and other popular services.

Global Internet of Things (IoT) in Health Insurance Market Regional Analysis–

North America is expected to dominate the global internet of things (IoT) in health insurance market. The advance development of new technologies such as IoT, Big data and others by many organizations in this region will have positive impact on market growth in this region. According to Smart cities World, The US government’s smart city programmer, through which 70 cities are awarded $1m in new investment, is well intentioned, but it probably costs each city more than that to repave one mile of a four-lane road. Increasing initiatives by government and non-government organizations to increase awareness and boost the adoption of IoT solutions in healthcare, advancements in technology and growing R&D activities in the healthcare information technology (HIT) sector are also fostering the market growth in this region. According to the U.S Bureau of Economic Analysis, U.S companies exported 4.4 billion worth of cloud computing services to Canada.

Asia Pacific is expected to capture the second position in dominance in the global internet of things (IoT) in health insurance market owing to the rising internet of things penetration and increasing number of wearable in this region. In addition, increasing number of smart cities and favorable government policies in developing nations such as China, and India are also supplementing the market growth in this region.

Key Benefits for Global Internet of Things (IoT) in Health Insurance Market Report–

• Global Internet of Things (IoT) in Health Insurance Market report covers in depth historical and forecast analysis.
• Global Internet of Things (IoT) in Health Insurance Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
• Global Internet of Things (IoT) in Health Insurance Market report helps to identify opportunities in market place.
• Global Internet of Things (IoT) in Health Insurance Market report covers extensive analysis of emerging trends and competitive landscape.

Internet of Things (IoT) in Health Insurance Market Report Coverage

Internet of Things (IoT) in Health Insurance Market Segmentation:–

By Product Type:

• Health insurance
• Property and causality Insurance Motor insurance
• Home insurance
• Commercial Insurance
• Agricultural insurance
• Life Insurance
• Others

By Component:

• Medical Devices Systems
• Software Services

By Application:

• Automotive &Transport
• Healthcare
• Home and Commercial Buildings
• Agriculture
• Consumer Electronics
• Others

By Regional & Country Analysis:

North America

• U.S.
• Mexico
• Canada

Europe

• UK
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

South America

• Brazil
• Argentina
• Columbia

The Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

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