This is the third in a series of blogs discussing connected homes.
Home insurers are beginning to offer their customers high-tech bargains: wire your home with Internet-connected devices such as a smart thermostat or water flow sensor, and get a discount on your home insurance policy in return. Some carriers will actually subsidize or provide their customers with smart devices with expectation that they will reap benefits in claims payouts.
Beyond claims mitigation, opportunities to engage consumers are growing. A carrier can provide insights to its home insurance customers based on data provided by a smart device. For example, using the data from smart home devices, an insurer could help homeowners prioritize maintenance tasks and fix problems such as leaky pipes before they caused major damage.
In the video below, I discuss the huge potential – and benefits – to both insurers and consumers through connected home technologies.
For more information about how connected homes are impacting the insurance industry, download the Are You Prepared for the Insurance Data Tsunami? white paper on the recent LexisNexis IoT and the State of the Insurance Industry Study.