Latest IoT Study Claims 78% Of Smart Home Owners Are Willing To Share Data With Insurers As Long As They Reap The Benefits
One of the well-known companies, LexisNexis Risk Solutions, recently carried out a study on whether users would share data of their IoT devices to insurance companies. The results say that there are close to 80% of the users who were willing to share the data but about 65% would do so only if there are benefits to them.
With smart home becoming increasingly popular, it will not only help the companies in identifying riskier areas but also help with the creation of smart home insurance plans. The study noted that there were about to 57% of users who were willing to purchase a new device provided they get an insurance discount, 47% would want to receive new offers of insurance, and 59% said they would like to receive energy management tips from insurers.
Coming out of the study, the top consumer motivators for owning smart home devices include increased safety/security (47%), the convenience of managing devices remotely (31%) and reducing energy bills/saving money (25%).
From an insurance carrier point of view, they would potentially be able to provide users with better service, such as using smart sensors to identify water leaks and stopping them from spreading by remotely switching the supply off and alerting the user if security sensors detect something that is unusual. There are multiple other benefits which help in both the consumer and the providers.
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