Insurance on Demand

5G is a window of opportunity for insurers because it offers greater efficacy, and a more precise and accurate calculation of risks. Access to these networks and the increase in connection speeds will make it faster to communicate an alarm. For example, the alarm of a house with IoT will be able to connect sooner with a central HQ, or collect evidence to speed up the claim process. In the case of health insurance, enhancing interaction in real time patient care will also be better, because it can prevent unexpected events and increase precision.

The futurologist Thomas Frey, who writes about innovation, foresees how with the widespread deployment of 5G there will be prevention systems on farms to advise on meteorological risks and plagues, and the fact that drones will give a rapid response to an insurance claim because they will be able to quickly scan a house, a vehicle or a business.

With regard to employability, the consultancy IHS Markit and Research estimated in a study that the implementation of 5G will generate 22 million jobs globally. In particular, this research argues that the insurance sector will benefit when self-driving vehicles are more widespread, as it will decrease the accident rate.

5G will affect all industries, although it is important to point out that its speed will depend on the supplier and the location, and that its breakthrough will be staggered. However, it is time for insurers and all the technologies around them to start preparing to adapt to this innovation.

Insurance and the Internet of Things - Insurance & Risk Professional Insurance and the Internet of Things are intrinsically linked. But how can the insurance industry capitalise on the opportunities the IoT brings with it?

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