Location Data: IoT Applications and Benefits

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IoT solutions in other verticals have already helped insurance providers save customers 25% on premiums. One reason for the reduction in costs is that implementing location capabilities into the hardware insurance companies use allows customers to have "pay as you go" insurance based on the actual distance traveled. Moreover, the hardware can capture other information about the safety of the car or signs of an accident based on the error codes the car reports to the IoT hardware. And while the lower premiums are certainly compelling, more important still is the reason insurers are reducing premiums: IoT solutions that allow granular and scalable asset management reliably reduce risk to assets, profit margins, human lives alike.