IoT

Building a connected insurance ecosystem

The internet of things (IoT) represents a new paradigm in insurance. An increasing number of insurance providers are in the process of developing a well-defined IoT-based solution in their core business product space. IoT-based sensors are employed to monitor risk and transform data into actionable insights across the insurance value chain. But the applications of IoT in insurance goes beyond just connected devices.

An effective IoT solution includes capturing real-time data, run advanced analytics on the cloud, and provide an appropriate stakeholder dashboard. Insurers must leverage the colossal amounts of data generated and develop the ability to drive improved outcomes for customers, brokers, and partners.  Be it telematics, drones, smart home, water leak detectors, intelligent door locks, or other security devices, IoT plays a strategic role with these intelligent devices. Insurers are finding new ways to use these IoT-based devices for the collection of data for risk assessment and pricing models.
 

IoT Opportunities in Insurance

IoT has evolved multi-dimensionally, adopting a business perspective rather than an infrastructure (back office, front office) view. IoT based devices bring improvement in productivity, overall profitability of the business, and attaining the risk profile of the portfolio. Through IoT, insurers connect better across touchpoints, aiding their decision-making process.  Advances in IoT can be realized for the full range of products and lines of business across the insurance industry - creating new opportunities for Personal & Commercial, Life & Annuities, and Lloyd’s & London market. 
 

Digital Transformation

A new world of opportunities

As an industry leader, Coforge has been participating in the growth of IoT-based solutions across industries. This includes a complete connected solution suite that involves an end-to-end IoT-based package across the insurance value chain. Coforge’s IoT based solutions present opportunities for insurers to reduce and mitigate losses, improve underwriting, and enhance the personalization of products and services.
 

Digital Transformation

 

Digital Transformation


Coforge has in-depth experience with IoT-based devices including Bosch XDK, Google Nest, Amazon Echo, VR devices, Pressure and Temperature measuring devices, as well as expertise in learning and research devices such as Raspberry Pi, and Arduino. Our dedicated IoT lab and its experienced resources work closely with our data analytics experts to design comprehensive solutions for the insurance industry. Coforge is also working on multiple initiatives wherein IoT solutions integrate with NLP, machine learning and non-natural disasters, artificial intelligence solutions, and blockchain solutions.

Digital Transformation


 

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Coforge Inc.

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502 Carnegie Center Drive
Suite #301
Princeton, NJ 08540
Ph: 770-290-6113

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Coforge UK Ltd.

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Ph: 770-290-6113
Fax: +44 (0) 20 70020701

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Greater Noida, UP 201308, India
Ph: +91 (120) 459 2300
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Coforge Ltd.

SEZ Developer Unit

Plot No. TZ-2 & 2A, Sector Tech Zone,
Greater Noida, UP 201308, India
Ph: +91 (120) 459 2300
Fax: +91 (120) 459 2301

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