There are various benefits of loT. First, it was estimated that the global connected home market was going to generate $235 billion revenues by 2016 (Armond and Mulhall). The loT is a valuable opportunity for insurers to create new insurance models and products to meet customers’ needs and increase customers’ satisfaction (Armond and Mulhall). New insurance policies for customers also boost better relationships between customers and insurance companies. Furthermore, innovations of new insurance products are also means of earning profits for insurance companies.the technology involved in loT is another huge benefit for insurers. Real-time data of loT enables great improvement efficiency of claim processing (Armond and Mulhall), and there is little likelihood for the technologically advanced devices to transmit wrong data and information. Otherwise, it might take a long time for other types of immediates to transform data to insurers with an unsatisfying level of accuracy. Insurance companies can also be benifited by determing more proper premiums for customers and thus make profits.More specifically, the wearable techonology facilitates health insurance companies to keep track of real-time health conditions and daily life of consumers, who wear cetain technological bracelets to transmit information. In this way, insurers can better analyze the possible risks of the insured and then make protection against possible illnesses and injuries. The home appliances perform as a form of protection of the insured’s properties, contributing to the homeowners insurance. Smart in-home appliances can transmit real-data to both customers and insurance companies as well. It provides more accurate information to the insurers, who can develop more precise models for customers with more efficiency. As a result, the Internet of Things not only benefits consumers with its useful functions, but also provides the insurance industry with many opportunities, creating a win-win situation.