Development of an IoT-Driven Platform for Insurance and Safety Enhancement

The client faces difficulties in accurately assessing self-reported risks, preventing costly damages, and engaging customers through innovative safety solutions. Current systems lack real-time data integration from IoT devices, limiting proactive risk mitigation and customer engagement strategies.

A large insurance company seeking to leverage IoT data and digital solutions to improve claims prevention, enhance customer safety, and deliver innovative insurance products.

• Create an IoT-enabled insurance platform capable of real-time data collection from connected devices to prevent damages and reduce claims.
• Achieve measurable impact such as a significant reduction in damages (e.g., $6M damage avoided within 12 months).
• Enhance customer safety and engagement through personalized, data-driven insights and rewards-based programs.
• Scale the platform to serve tens of thousands of users with reliable, secure operations.

• IoT data collection module for devices such as home sensors and vehicle telematics.
• Data analysis engine employing AI/ML to detect patterns, predict risks, and trigger preventive actions.
• User-facing interfaces including mobile and web applications for customers to monitor data, alerts, and rewards.
• Integration layer to connect with external IoT devices, insurance systems, and data storage solutions.
• Admin dashboard for monitoring platform performance, data analytics, and operational management.

• IoT devices and sensor networks
• Data storage services
• Third-party analytics and AI services
• Insurance policy management systems

• Platform scalability to support over 40,000 users
• High system reliability with 99.9% uptime
• Secure data handling conforming to privacy standards
• Real-time processing with minimal latency

The platform is expected to avoid approximately $6 million in damages within the first year, improve risk assessment and claims prevention, and increase customer engagement, leading to higher retention and satisfaction. It aims to support over 40,000 active users with reliable, scalable, and secure operations.