Development of a Data-Driven IoT Insurance and Safety Platform

The client faces challenges in accurately assessing damages, preventing claims fraud, and enhancing safety measures for their insured property and vehicles. Traditional methods lack real-time data and predictive insights, leading to increased losses and suboptimal customer experience.

A large-scale insurance provider seeking to leverage IoT data to improve risk assessment, claims management, and customer engagement through innovative digital solutions.

• Develop an IoT-driven insurance platform capable of real-time damage detection and risk assessment.
• Prevent damages and claims through proactive safety monitoring using sensor-based data.
• Streamline claims processing and reduce insurance payouts by $6 million within the first year.
• Create a scalable, secure system supporting potential growth to 2 million+ users and beyond.
• Enhance customer engagement and safety incentives via integrated digital interfaces.

• IoT sensor data ingestion modules for real-time monitoring of assets.
• AI-driven damage detection and risk assessment algorithms.
• A user-friendly mobile and web interface for customers and internal claims teams.
• Automated alerts and safety recommendations based on sensor data.
• Claims processing workflow automation with data verification.
• Secure data storage and encryption mechanisms.
• Reporting and analytics dashboards for ongoing risk management and performance metrics.

• IoT sensor networks and gateways
• Data analytics and AI processing services
• Customer management systems
• Claims processing and automation systems
• Notification and alerting services

• Platform must support over 2 million concurrent users with high availability.
• Real-time data processing latency under 2 seconds.
• Data security compliant with industry standards (e.g., GDPR, ISO 27001).
• System scalability to accommodate future feature additions and increased data volume.
• Robust fault tolerance and disaster recovery protocols.

The platform aims to reduce insurance claims damages by approximately $6 million within the first 12 months, improve road safety by leveraging sensor data, and support over 2 million users with scalable, secure solutions. It will enhance claims efficiency, customer safety, and operational risk management through innovative IoT integration.