Investing In Smart Home Tech Will Provide Savings In The Form Of Lowered Insurance Costs. It’s Just Up To Insurance Companies To Figure Out How To Implement It.
An instinct for self-preservation has carriers dipping their toes into the smart home technology space, but no U.S. insurer has taken a full plunge so far.
The industry has not decided how the water-leak detectors and fire-prevention sensors can be successfully bought into the consumers’ houses. Carriers have just started gathering data required to understand how efficient smart home tech can be. At least, the companies do realize that such devices can mitigate risks, thereby reducing claims. However, without proper data, what kind of premium discount can be offered?
So far, only Neos, a UK-based startup carrier offers insurance that is coupled with smart home tech. Neos provides its customers with a range of sensors that are installed by the policyholder. Alerts are routed to the 24-hour response center.
As much as 40% of US households are willing to switch insurance carriers for receiving smart home products. American Family Insurance has plans to partner with Neos and bring the same business model for its US customers.
American Family has already worked with Nest to offer discounts to those who had Nest Smoke and Carbon Monoxide Detector and later, worked with Ring in a similar manner. Crawford & Co., a third-party administrator, has started a subscription service for carriers that connects policyholders to water-leak detection sensors.
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