IoT Connected Devices in the Home: A Game-Changer for Homeowners Insurance
Aite Group’s latest report explores the benefits that IoT devices provide for carriers in claim control, agent involvement, customer engagement, and rate control
Boston, MA (Sept. 3, 2020) – The use of connected IoT devices in the home is growing as more consumers discover the benefits of voice commands, smart appliances, and monitoring systems. They generate constant streams of data that can be used by insurance companies, which present new challenges for carriers. Finding a balance between customer benefit and return on investment (ROI) will be imperative for carriers, and those capable of leveraging IoT will create a competitive advantage through better rate control, reduced loss exposure, increased customer engagement, and positive agent involvement.
A new Aite Group report, IoT Connected Devices in the Home: A Game-Changer for Homeowners Insurance, identifies trends and strategies to help insurers tackle integrating smart home data into their value chain to help mitigate claim expanses, create more accurate rating systems, and increase customer engagement opportunities.
“Given the propensity for IoT devices to help prevent or mitigate claim expenses, the long-term ROI for carriers is very good,” states Greg Donaldson, senior analyst at Aite Group.
Click here for the online summary or to download the table of contents.
This report was written to be a source for carriers and vendors, to help them understand the relationship between IoT devices in the home and the insurance ecosystem and the key components of an IoT-based home insurance program. It is based on interviews and discussions with 29 executives at insurers and technology vendors across North America and Europe. The interviews were conducted between June and July 2020.
This 31-page Impact Report contains 12 figures and 9 tables. Clients of Aite Group’s P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.
Click here for the online summary or to download the table of contents.
This report mentions Google and Roost.
About Aite Group
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.
Source: Aite Group
Tags: connected cars & vehicles, consumer devices, Google, Internet of Things (IoT), Roost, Smart home, trends
Read the original article at Insurance-Canada.ca