Property & Casualty insurance, like most service-based industries is undergoing significant change. Unprecedented avenues for innovation as well as impending challenges are materializing due to shifts in customer expectations and rapid advancements in a number of technology areas.
The growth of consumer IoT is poised to change the way people live and their demands of insurance providers.
Insurance carriers are compelled to take action and pursue opportunities for innovation or remain exposed to competitive disadvantages and greater risks, including that of market entry by small (and agile) providers as well as by major technology companies with established household brands.
Opportunities to leverage telematics to manage risk and reward for safety are not limited to vehicular applications (auto insurance) or wearable technologies (health and life insurance). The good news is that adoption of Connected Home technologies is reaching main stream and therefore well-positioned to address both emerging provider-facing and customer-facing needs, enabling forward-thinking insurance providers to develop new and differentiated service offerings, reduce risk, increase customer retention through better value, and grow market share effectively and efficiently.
Read the whitepaper 'New opportunities for forward-thinking insurance providers' to learn about:
the opportunities unlocked by the power of contextual and actionable insights,
key considerations for a connected home strategy,
the potential of Smart Home Telematics, and,
effective approaches your business can take with a Smart Home Telematics program.