X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
IoT changes home monitoring. As the way we monitor our homes changes, so do the dangers we are able to monitor for remotely. (Photo: Shutterstock)

The Internet of Things (IoT) has transformed the way we live our daily lives, requiring slow-moving industries, such as insurance and home security, to kick into overdrive when it comes to innovation; we’ve reached a critical time when companies are being challenged to innovate new product offerings that meet the needs of the consumer.

Take traditional TV for example. The television industry was turned on its head when over-the-top (OTT) providers like Hulu Live, DirecTV Now (DirecTV), and Sling TV (Dish Network) entered the market. Customers were quickly canceling their expensive, long-term cable contracts to opt-in to a cheaper, contract-free option that also gave them the ability to watch live TV from anywhere. As OTT TV and streaming services, like Netflix, gained traction, it not only changed the way people consumed content, it also changed the development and distribution of content. Similar to the trend traditional pay-TV saw, the old school home security model is now facing consumers’ demands for more value and flexibility at a much lower cost.

Want to continue reading?
Become a Free
PropertyCasualty360 Digital Reader.

INCLUDED IN A DIGITAL MEMBERSHIP:

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.

Already have an account?

 

PropertyCasualty360

Join PropertyCasualty360

Don’t miss crucial news and insights you need to make informed decisions for your P&C insurance business. Join PropertyCasualty360.com now!

  • Unlimited access to PropertyCasualty360.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including BenefitsPRO.com, ThinkAdvisor.com and Law.com
  • Exclusive discounts on PropertyCasualty360, National Underwriter, Claims and ALM events

Already have an account? Sign In Now
Join PropertyCasualty360

Copyright © 2022 ALM Global, LLC. All Rights Reserved.