IoT Set to Make ‘Big’ Impact on Risk Management, Weather Insurance Sector

With the help of resourceful platforms for IoT, the process of integration of big data analytics in business planning is set to significantly improve operations and performance across sectors leading to increased sustainability

Big data analytics has become a crucial part of business planning in the recent times. Gathering extensive information through innovative technological means and analyzing it has enabled companies and governments to not only operate efficiently but build sustainable strategies for the future. The ability to combine and calculate data has given corporations the ability to gain valuable insights about different aspects which impact profitability of ventures. Big data has proved instrumental in spurring sectors such as agricultural insurance and risk management. Companies can now analyze data and implement more sustainable strategies thus minimizing risks.

Weather insurance and risk management has come as a boon to agriculture in India. The agricultural sector employs the largest share of India’s workforce but has seen its GDP share deplete gradually in recent times (17% as of 2014). Sustainable weather insurance schemes and damage control planning in case of blights and droughts have helped both farmers