IoT Insurance: Trends in Home, Life & Auto Insurance Industries
IoT in Auto Insurance
Many auto insurance companies are starting to use the IoT, largely through connected cars, to track drivers' habits in real time. This practice has become known as usage-based insurance (UBI) and has surged in popularity in the last two years. According to a 2015 Nielsen survey, 20% of U.S. households took part in a UBI plan, up from 13% in 2014. BI Intelligence expects 35% of insured U.S. drivers to test one of these policies in 2021.
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