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IoT: Personalized and Dynamic Policy Offerings
The Internet of Things (IoT) is enabling insurers to offer dynamic and personalized policies based on real-time data. Devices such as smart home sensors and wearable fitness trackers provide insurers with valuable insights into customer behavior and risk factors. This allows for the creation of usage-based insurance policies that adjust premiums based on actual usage patterns, offering potential cost savings to consumers4. To explore these innovative policy options, you might want to follow the options provided by insurers using IoT technology.