The Internet of Things (IoT) is transforming how companies operate. The Internet of Things refers to a network of devices and sensors that transmit data in order to reach a decision or take an action. IoT devices and apps have a proven record of enhancing processes across different sectors, including manufacturing, insurance, and building management.
Building Management
Property management businesses use IoT systems to offer new capabilities to their residents, such as thermostats that are able to adjust room temperature and humidity based on residents’ preferences.
Placing connected devices to establish smart buildings used to be costly, time-consuming, and complicated. Nowadays, IoT networks have drastically streamlined this process making it much simpler and affordable to install.
The Insurance Industry is Using IoT Devices
Wearable devices such as fitness trackers, along with home appliances, and other smart devices have led to an incredible increase in valuable customer data.
Insurers use data generated from IoT devices to better understand their policyholders, which helps to develop attractive insurance products with highly-relevant coverages.
Auto Insurance
The Internet of Things technology gives insurance carriers the ability to underwrite risks more accurately.
Historically, car insurance relied on indirect or general data, such as the policyholder’s age, driving experience, and creditworthiness to set prices and make plans.
Nowadays, by using IoT devices, insurers can get insightful data on drivers’ behavior such as the speed at which the car is driven, how often the brakes are sharply applied, or how often it is driven at night assists carriers in accurately assessing risk.
By transmitting data in real-time, a flexible IoT network empowers policyholders to affect how much they pay for their coverage. Modern consumers are willing to share some information with carriers if it results in better prices.
Accurate Underwriting
Generally, P&C insurance providers underwrite risk using data on previous loss trends. The Internet of Things networks offer a twofold advantage to insurance companies.
Firstly, the coverage prices are more accurate because they’re done using real-time data, and not just historical trends. Secondly, the Internet of Things brings forward new and useful data that renders the process of underwriting risk more accurate.
IoT Pharma
IoT provides immense benefits to the pharmaceutical industry such as helping to maintain high manufacturing and equipment maintenance standards and enhanced supply chain management.
Equipment Maintenance
One of the main problems in drug production is equipment failure, which can arise as a result of various factors such as inadequate maintenance, high voltage, and chemical degradation.
To avoid setbacks in manufacturing, pharmaceutical companies use IoT devices to achieve constant monitoring of their production facilities.
Manage IoT with Rules Engines
IoT networks create huge volumes of insightful data on a daily basis. Having said that, without intelligent automated decision-making, the data streaming in from IoT devices has practically no value. In other words, IoT devices are only useful if they take actions based on the generated data.
Every organization that is leveraging the power of IoT typically has a business rules engine that handles the huge volumes of data generated by IoT apps.
A rules engine is a flexible piece of software that can determine the behavior of IoT equipment by using business rules.
Business rules engines use rules to set the requirements when an action needs to be taken. This greatly reduces the need for manual processes and human intervention, thereby increasing operational performance.
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