In the age of the Internet of Things (IoT), a tsunami of new information will come from connected devices. Insurers, intent on securing the deepest level of insight, will need a way to tap into the source. Traditional insurance practices for data acquisition through third parties may not work; IoT data will be a source of competitive advantage and, therefore, not readily shared. The companies deploying smart home solutions, not the insurer, will have control of the relationship and leverage the data collected to give their customers attractive new value-added services that make homes safer, more energy efficient, and easier to manage.
This whitepaper, written for Parks Associates (www.parksassociates.com) by Kevin Meagher of EAS Consulting, explains how and why home insurance carriers should work to compete in this emerging space.