IoT hardware devices can watch crop yields, monitor pressure inside pipes, and as mentioned in a former article, change how futures and options are priced. Auto-insurers are already using this tech, but the applications could be much broader in the future.
...another area that M2M is emerging in insurance is in loss control. Remote sensing devices connected to pressure vessels such as boilers, water systems, pumps and so on, can sense drops in pressure, leaks, pumps that are going bad or boilers that are operating out of safe tolerance and use that data to alert appropriate management. Insurance companies that insure construction and other heavy equipment can use the same technology described above for farming, to track construction equipment 24/7. For example, a road grader that is moving at 3am is likely in the process of being stolen. On the other hand, the contractor is able to track the exact number of hours that equipment is operating that becomes the basis of an audit trail for tracking construction costs as well as insurance exposure.