The new player in the smart home space? Insurance companies
Imagine this scenario:
You’re at work, and you receive an SMS from your home insurer. Your washing machine has broken and caused considerable flooding in your basement. The insurer wonders whether you’d like a local company to come and deal with the flooded basement; and has a service engineer who can replace the broken component in the machine this evening, if you’re available.
Welcome to the smart home of the future, where your insurance company adds new and tangible value to your daily life.
Far fetched? Not really. The insurance industry has already begun to explore IoT: automotive and healthcare insurers have already created policies that incorporate IoT data – for example, Progressive’s usage-based driving insurance, or John Hancock using data from fitness trackers to reward life policyholders for healthier living. Now they’re turning their attention to the smart home, pursuing the opportunity to add value through new, IoT data-enabled services.
In our new white paper, The Insurance of Things, we outline the central role that the insurance industry will assume in the smart home: driving consumer adoption of smart devices and related services.
The commercial impact of the smart home opportunity cannot be underestimated: it will transform the industry, enabling fundamental changes in pricing and the nature of home and property insurance; and will offer innovative insurers the ability to differentiate their offerings and aggressively build profitable market share.
Interested in learning more about how IoT will transform home and property insurance? Download The Insurance of Things.