Insurers among secondary beneficiaries as Internet of Things takes hold

Internet of Things

Insurance companies are likely to be among the secondary beneficiaries as the Internet of Things becomes more ubiquitous.

That was the view of Dan Graham, technical marketing director, Teradata, speaking this morning at the Partner 2014 conference in Nashville.

"The Internet of Things is the next wave. It is going to be bigger than the internet in terms of the amount of data and things going on. You will have more data than you know what to do with and this will be good, because you will be able to harness it and turn it into loyal customers and money," he told delegates.

Among the industries and sectors Graham suggested stood to gain most from the adoption of sensors - in everything from houses to motor vehicles, vending machines to waste bins - are local governments, manufacturing, retail, logistics, healthcare and energy companies.

But Graham added: "Now there will also be secondary beneficiaries such as insurance companies and banks - companies that do not sell gadgets or build the vehicles where most of these sensors will be placed.

"But these firms will be insuring and bankrolling them - and so they will be a participant in someone else's business indirectly."

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