The IoT And Insurance: A Smarter World Needs Smart Insurance Solutions
Insurers are using tech to offer better options against their rivals, such as AI, mobile apps, and chatbots.
The Internet of Things (IoT) can incite a more tangible transformation for insurance, where smart devices paired with cloud services, data and monitoring can be capitalized for property protection.
With the IoT devices’ adoption rising in the recent past, smart devices and smart assistants have a major presence in our homes. The most popular reasons for purchasing smart home devices are energy efficiency, cost-effectiveness, safety, convenience, and a better lifestyle. Parks Associates states that both renters and homeowners are looking at insurance services that can offer to prevent potential risks while saving costs.
IoT tech can be used by the insurer as a tool for home management to reduce the risks of fire and water damage. Smart sensors can help us a great deal with issues related to smoke, humidity, room occupancy, carbon monoxide, water, and temperature. If this information is relayed to the inhabitants, they can be proactive about keeping the damage low. Where in usual cases, it is apparent very late about the damage, IoT tech helps us know it better so that steps can be taken. In fact, insurance companies have started reducing premiums if consumers have installed certain IoT sensors. However, there is still a long way to go and extreme potential in this corner.
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