3 mins read 08 Sep 2021
IAG Invests in Myriota IoT for Ag and Business Insurance
Insurance giant IAG has invested in space-industry company Myriota to explore how IoT can help insurance customers manage risk and safeguard their assets.
Myriota has teamed up with IAG (Insurance Australia Group Limited), Australia’s largest general insurer, to explore how the Internet of Things (IoT) can be used in agriculture and business insurance. This project, the first investment for IAG’s corporate venture capital arm Firemark Ventures, will focus on risk management and asset safeguarding for agriculture and business insurance customers.
The IoT consists of networks of devices which gather and exchange data. Myriota and IAG will use this technology to monitor and manage a wide range of assets – from monitoring water reserves or haystacks on a farm to a customer’s machinery, equipment or goods in transit.
Adelaide-based Myriota has undertaken similar projects previously, such as monitoring and managing dams, and monitoring water on farms. IAG and Myriota will explore opportunities to trial IoT technology to solve new problems like logging and monitoring driver safety, fuel consumption, temperature and vibration in transport and logistics, or to help farmers access information that is traditionally collected manually.
Myriota CEO and co-founder Dr Alex Grant said, “IAG and Myriota are working together to explore ways to improve insurance for Australian businesses by providing reliable and accurate data about insured assets. IoT technology can overcome the confines of existing infrastructure and make data accessible for insurance customers, even when their assets are located in the most remote locations.
“By filling existing gaps of knowledge on asset exposure, vulnerability and possible hazards, we anticipate that IoT technology will provide Australian insurers with greater visibility across insured assets.”
IAG Firemark Ventures General Partner Scott Gunther said, “IAG is looking at digitally connected experiences to create value and better experiences for customers. IoT technology has the potential to unlock new ways to help our customers manage risks, which has until now been challenging without a physical presence on the ground.
“We see strong potential in Myriota’s leading technology and its ability to provide secure, cost-effective IoT coverage at scale for customers in agriculture or transport and logistics and the opportunity to change the future of proactive risk management.
“We look forward to working with Myriota to explore how IoT technology can be used to help improve the insurance experience for our business and Agri customers.”
It is expected that the IoT insurance market will grow over the coming years, with estimates indicating that its compounded annual growth rate will be 60% between 2019 and 2024. IoT technology, like that being explored by Myriota and IAG, is expected to provide new solutions to insurance problems.
Video Credit: Myriota.