With the wealth of data offered by IoT, it seems surprising that take up hasn’t been faster, however, high costs seem to have brought IoT and insurance to an impasse. Neil Hamilton, VP of Business Development at Thingstream gives his view and presents a solution to the problem.
There is an imbalance between the Internet of Things and industrial insurance. Hauliers and commercial logistics providers carry goods on long distance journeys across the globe with little to no visibility of what is happening to them.
Inevitably now and then goods are spoilt, lost or damaged. When this happens, hauliers and logistics businesses look to their insurers for support. It is the responsibility of the claimant to demonstrate what happened and for the insurer to decide who is liable for the loss. Difficulty often arises though when evidence is unavailable. For example, if goods vanish without a trace there are a whole number of potential scenarios; they could have been lost and left on the tarmac somewhere, stolen, or delivered to the wrong location. Information on where goods are, their status and state of repair can, therefore, be of particular benefit to owners, logistics providers and insurers alike.