Comprehensive Study on Internet of Things In Insurance Industry

Insurance is a means of protecting against financial loss. It is a form of risk management that is mainly used to hedge against the risk of conditional or uncertain loss. A company that offers insurance is known as an insurer, insurance company, insurance carrier, or insurer. A person or organization that takes out insurance is called an insured person or policyholder.

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Some of the key players of Internet of Things In Insurance Industry:

Accenture PLC, Cisco Systems Inc, International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, SAP SE, Verisk Analytics, Inc, Zonoff Inc, Cognizant Technology Solutions Corp, Lemonade Inc.

In the insurance transaction, the insured assumes a guaranteed and known - relatively minor - damage in the form of a payment to the insurer in return for the insurer's promise to compensate the insured in the event of an insured loss. The damage may or may not be financial, but must be reducible to financial terms and typically involve something in which the insured has an insurable interest, based on property, possession or a pre-existing relationship.

The insured receives a contract called an insurance policy, which contains the terms and circumstances under which the insurer will compensate the insured. The amount of money that the insurer charges the policyholder for the coverage specified in the insurance policy is called the premium. If the insured suffers damage that may be covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster.