categorytitle / Research Update .
  • time : 13:11:3
  • Date : Wed Nov 17, 2021
  • news code : 5031
Employing IoT in the Insurance Industry - Connected Insurance
Today, utilizing registerable data by sensors and internet-equipped appliances gives a more precise assessment of the vehicles, smart homes, and individual health and provides new services to the customers. A complete set of these sensors and operators connected to computer systems attempting to monitor the natural world, people, animates, and plants that can control their health and performance are called Internet of Thigs (IoT). Employing such technology will extremely change the way customers and the insurance companies interact and exchange information. This will eventually lead to the less human intervention and decision-making, enhance the development and quick adjustment of the business models and this is highly significant in the insurance industry.

According to a report prepared by the Public Relations Office of IRC, the research project entitled “Initial Examination of the IoT Technology in the Insurance Industry – Connected Insurance” is conducted by Dr. Mohammad Javad Heidari, Director of Electronic Insurance Research Group in collaboration with Dr. Mahnaz Manteghipour, Director of Data-Mining Desk at IRC. The study is aimed at developing a framework and roadmap for employing IoT technology in the insurance industry and examining its prerequisites, barriers, and requirements.

Initially, the study provides an introduction to the Internet of Things and the preliminary requisites for establishing relevant systems. The second section comprises of a general outline of the proposed system for a car-based IoT and provides a brief introduction to the study background and smart transportation system applications.   

According to the study findings, now, using IoT, connected insurance is implemented across four areas including connected cars, connected health, connected homes, and connected business lines. Given that these days, several cars are well-equipped with complex sensors and tools in order to use such technologies, the usage of IoT-based cars or connected cars are more common and some of them are now being implemented in Iran and the world.  With respect to this issue and the legal requirements for making TPL coverages more driver-oriented, the current research project has endeavored to focus more on IoT-based cars.  

The proposed system in the second section of the study simultaneously considers the three main elements of car, human, and roadway and comprises of the equipment installed in the roadways, mounted on the cars, and those that help to monitor the drivers’ behavior. The information derived from such equipments has several applications for the police, traffic management systems, emergency centers, insurance and etc. These systems including connected car systems helps to monitor the traffic behavior and the health condition of the drivers and the first step in implementing such technologies is to mount the relevant equipments on cars. The other application of such technology requires an appropriate technological infrastructure and standardization of various layers from physical layer to application layers. Thus, initially it is proposed that a comprehensive smart system to be established supplied with active telecommunication equipments, mobile communication infrastructure, and various types of sensors for recording telematics data.

Those interested to access and download the Persian full text of the study, please visit https://www.irc.ac.ir/fa-IR/Irc/4946/Articles/view/14643/1519.

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