ABSTRACT
Industries have been shaping itself based on how other allied industries are coming up and how countries are streamlining the laws of their land, micro and macro-economic conditions in the era of globally connected world. The underlying premises across the industries might not have changed but with advent of newer assets, business-models, disruptive technologies, newer risks and ever-changing customer behavior, the companies are working hard to stay ahead in the race. It has become imperative to be aware of the trends across the industries and align strategies for the journey ahead. Moreover, by year 2020 is fostering Internet of Things (IoT) as one of major disruptors in the world of Internet. In the current IoT perspective, financial and insurance industry together holds a capacity to reap a potential gain of almost $1.3 trillion. IoT is hyped to such an extent that predominately majority of Fortune 500 companies are utilizing network connected drones to facilitate various business processes. The implications of IoT are reflected through sharing economy, shifts in industry boundary, nature of risk exposure and plethora of product portfolios. The impact of IoT will not only create a new digital experience but also minimize loss, refine pricing along with effective and efficient assessment models. With Billions of sensors and internet connected devices, the real-time access to data is at our click-away distance. But are we ready to see an Uberization (on-demand products and services) in Insurance and other industries as well? Therefore, among all the trends, buzz words, noises and quest for answers, it would be interesting to see how Internet of Things (IoT), with overall annual economic impact of about USD 4 to 11 trillion by 2025 (as estimated by the McKinsey Global Institute) would bring a sea change in making our systems and processes more lean and efficient. A smart, well connected system is expected to result in cleaner environment and a better quality of life.
