4 areas insurers should doublecheck prior to entering the connected home market

Service offerings in the connected home market include automated devices and appliances, weather notifications and security measures (Shutterstock/Chesky)

In the first part of this article, we looked at some of the ways insurers are exploring connected home technology to avoid or limit losses. These include using connections to in-home video cameras to perform digital inventories  of the home’s contents–expediting claims filings and making it easier  to remediate losses–and conducting continuous monitoring through connected smoke alarm detectors  and water leakage devices to enable quicker response in case of adverse events. 

As the connected home concept gains ground, however, we see new opportunities for insurers in areas outside the traditional scope of property and casualty underwriting. Insurers seeking to build customer relationships and establish a lasting competitive advantage through differentiation also should be thinking about new service offerings.