The Adaptation of Internet of Things in the Indian Insurance Industry—Reviewing the Challenges and Potential Solutions

Abstract

The concept of insurance was found several centuries before Christ. Correspondingly, Chinese and Babylonian traders practiced moving or dispensing risks in the second and third millennia BC. Nowadays, insurance is the backbone of the economy. The recent introduction of big data, IoT, and other forms of InsurTech led to the fourth industrial revolution in insurance in the developed world. The industry is looking to improve the ergonomics of remote sensing technology to improve the acceptability of the clients. The adaptation of IoT in developing economies may provide a solution in increasing insurance penetration. This study explores the challenges and solutions in adopting IoT to increase insurance penetration in India. This study applied a systematic literature review (SLR) to extract the themes/variables related to challenges and solutions in adopting IoT in India’s insurance sector. Several keywords were used to search the relevant literature from Google Scholar. Based on inclusion and exclusion criteria, the filtered studies were explored. This study listed several challenges and their solutions in the adaption of IoT in the Indian insurance industry. Policymakers could adapt the suggestions provided to improve the service delivery insurance sector. The authors listed several challenges and solutions in the adaption of IoT in the Indian insurance industry through a systematic literature review to facilitate the policymakers to make the right decisions.