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FintechOS: 6 ways IoT devices are changing home insurance

FintechOS: 6 ways IoT devices are changing home insurance

Smart devices are the future of home insurance. They offer new ways to interact with consumers, offer fresh data streams, and enable the creation of entirely new business models.

The question for insurers is how best to leverage the remarkable properties of these remarkable devices.

There is pressure on insurers to lead this revolution. In recent years, adoption of smart devices has boomed. In the US nearly half of all broadband connected residences has at least one smart speaker or display. Covid accelerated the trend. The number of smart devices doubled during the pandemic, according to Deloitte.

“The onset of the COVID-19 pandemic was like a time machine that suddenly propelled us tens of years into the future,” Deloitte vice chairman Paul Silverglate.

Yet most insurers remain slow adopters. Only a handful of the major European insurers are using IoT data for insurance. The products that do remain niche and experimental. This will change fast.

Here are six ways smart devices are changing home insurance.

Read the original article here.

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