All insurance companies work on the assumption that they will be able to recover their investment in the form of the premiums that they charge. If the risk of insuring your property drops to a minimal level, then they will be in a better position to offer you substantial discounts.
As you install sensors with ThingaOS Smart AI, it will communicate with you as well as with the various appliances on your property, the risk of burglary, water, and fire-related damage will drop exponentially. It means that the risk factor for the insurance agencies will also become negligible. They will then pass on these benefits to you in the form of lower annual premiums.
Actuarial scientists employed by insurance service providers conduct the premium calculations based on algorithms to mitigate the risk factors. In time, as more and more people start applying our revolutionary ThingaOS™ IoT platform, it will lead to an overall decrease in premium amounts. If you are an insurance agency, you will see your risk levels drop and have to pay lower compensation claims.
Insurance Agencies and the IoT
When we look at the insurance picture in light of the IoT, we can see that this revolutionary technology has potential application in almost everything around us— including insurance rates.
Since the IoT has the intrinsic ability to collect data, it can help insurance actuaries to analyze this massive amount of information accurately. In the long run, they will be able to provide more precise as well as more affordable premium rates of their products and plans for the end consumers. There are now insurance service providers that are even providing such sensors to minimize the risk to the end consumer. This way, the consumers of insurance products will also be able to reduce their claims by avoiding accidents and other incidents.
Apart from the above, Tantiv4’s ThingaOS™ also offers a whole new world of convenience in a variety of different ways. Such as the fact that it can also detect any malfunctioning equipment long before you can. It means that it will inform you about any issue or even schedule appointments before the breakdown even occurs.
Conclusion
In light of the above, we can easily see that ThingaOS™ is a must-have application. The insurance service providers can use the IoT to keep premiums to a bare minimum, which is a ‘win-win’ situation for insurance homeowners, property owners, and insurance companies, alike.