As the use of internet of things (IoT) devices grows, the data they generate can lead to significant savings for consumers and new opportunities for businesses. But what happens when errors inevitably crop up?
No matter what numbers you look at, it’s clear that the internet of things (IoT) continues to worm its way into more and more areas of personal and private life. That growth brings many benefits, but it also poses new risks. A big question is who takes responsibility when things go wrong.
Perhaps the biggest issue surrounds the use of IoT-generated data to personalize the offering and pricing of various products and services. Insurance companies have long struggled with how best to use IoT data, but last year I wrote about how IoT sensors are beginning to be used to help home insurers reduce water damage losses. And some companies are looking into the potential for insurers to bid for consumers: business based on the risks (or lack thereof) revealed by their smart-home data.