Every week The Friday Five will bring you interesting news and information from around the insurance industry. This week: New IoT study on smart home data, credit impact on insurance rates.
More homeowners willing to share smart home data
A new LexisNexis® Risk Solutions study on the Internet of Things (IoT) released today found that the vast majority of smart home device owners (78%) are willing to share data from devices with their insurance companies to assist in policy pricing, but most (65%) would only do so if offered a discount or incentive. The study unveiled that discounts might offer the push needed to persuade existing smart home device users to share data, but they are less effective for those consumers who are not currently using or considering a purchase of smart home devices. Read the new press release for more.
Consumers unaware how credit scores affect rates
Many consumers are unaware that their credit scores can play a significant role in determining their insurance rates, especially home insurance. Recently, insurance.com determined the average home insurance premium for consumers with good credit and poor credit in all 50 states. On average, the insurance comparison website found that homeowners with bad credit can expect to pay 122% more than those with good credit for their home policy. Heather Turner, in her Property Casualty 360 article,
Homeowners with poor credit pay more for insurance in these states, includes a slideshow that features the ten states with the highest average home insurance rates for consumers with poor credit.
New truck-rental insurance scam
Excerpted from Scammers Hope for Easy Monday by Crashing U-Haul Trucks, by Jim Sams for Claims Journal: Would-be fraudsters in Georgia are increasingly turning to U-Haul trucks with hopes of making a quick buck by staging crashes, insurance regulators say. Many have ended up with arrest warrants and fraud convictions instead. A spokesman for the Georgia Department of Insurance said 20 criminal cases involving U-Haul claims were opened in 2019. Late last month, the Insurance Department announced fraud charges against two women who are accused of faking accidents involving U-Haul rental trucks.
Taking insurance advice to heart
Excerpted from Hanna Van Sickle’s Business Insider Personal Finance commentary: When I moved in with my boyfriend at 22, his father advised us to get renters’ insurance. I thought the advice was archaic, but it saved us when a fire wiped out our apartment. When we later married, his father told us to get life insurance. Again I rolled my eyes — until I realized what could happen to me financially if my husband suddenly died. Twenty-three years later, my life insurance still brings me peace of mind.
Life insurance is love insurance, which makes February—the month of love—the perfect time to reach out to clients and prospects about their life insurance needs. The Insure Your Love campaign, coordinated by Life Happens, is now in its seventh year. Get helpful tips for your customers at Naifa.org.