My industry, namely insurance, is inherently conservative and cautious by design, but we, too, have come to embrace the possibilities afforded by these rich new connections. Historically, insurance has been in the "peace of mind" business—a hedge against adversity in exchange for a regular premium. Over time, as both technology and financial instruments continue to evolve, the goalposts for peace of mind have moved. The widespread adoption of IoT technology in the insurance industry also faces several barriers. As the insurance industry embraces the possibilities afforded by the spread of global connectivity, the "connect and protect" paradigm represents an evolved organizing principle.

Source: Forbes January 20, 2024 00:09 UTC