Page 19 - Insurance Times March 2023

IoT

Deciphered

Prof Pratik Priyadarshi
Associate Professor
Birla Institute of Management
Technology, Greater Noida

This technology can be used in the insurance industry to improve risk assessment, claims
processing, and preventive measures. For example, IoT devices such as smart home systems and
wearable technology can gather data on a person's behavior and environment, which can be used
to assess their risk of accidents or illnesses.

What is IoT ? Healthcare: IoT devices can help individuals to better
manage their health by tracking vital signs and providing
The Internet of Things (IoT) refers to the growing network
reminders for taking medication. Wearable device can
of physical devices, appliances, vehicles, and other objects
also help in Remote Monitoring, allowing doctors to
embedded with electronics, software, sensors, and
track patient health remotely.
connectivity which enables these objects to connect and
exchange data. These connected devices can be remotely Industry 4.0: IoT can help industries to improve
monitored and controlled through the internet, allowing for efficiency and productivity by collecting and analyzing
increased efficiency and automation in a variety of data on everything from machinery and equipment to
industries, such as manufacturing, transportation, and inventory and supply chain logistics.
healthcare. Transportation: IoT can be used to improve traffic flow,
optimize delivery routes, and reduce fuel consumption.
What is the relevance of IoT in our lives?
Agriculture: IoT devices and sensor networks can be used
IoT has the potential to greatly impact and improve many
to monitor soil conditions, water usage, and crop health,
aspects of our lives, including:
helping farmers to optimize yields and reduce waste.
Smart homes: IoT-enabled devices such as thermostats,
lighting, and security systems can be controlled Overall IoT has the potential to improve the quality of our
remotely and automatically, making it easier to manage lives and make many tasks more efficient and convenient,
and maintain a comfortable and secure living but it's also important to keep in mind that with the
environment. adoption of IoT, there are also new security, privacy and
ethical concerns that need to be address properly.
Smart cities: IoT can help cities to become more
efficient and livable by collecting and analyzing data on
What are the Challenges of IoT
traffic, air and noise pollution, and other environmental
factors. This is a rapidly growing technology with many potential

16 March 2023 The Insurance Times