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Over the past decade, we’ve all seen highly-regulated industries get shaken up by new technologies and business models. The success of companies like Uber, Tesla, and Square all stem from their ability to create value for their customers in ways that didn’t previously exist.
And in the insurance industry, one value opportunity is IoT technology.
To put it in numbers, in 2015, 83 million smart home devices were shipped to consumers. By 2020, that number is estimated to grow to over 193 million.
Of course, setting up a new IoT program isn’t as simple as flicking a switch. It’s often challenging for insurance companies to know where to start.
In any case, smart home technology programs are an excellent way to help drive claim reduction, increase customer engagement (everything from acquisition to retention), and generate new revenue streams. Plus, with the data collected, insurers can better understand their customers in ways they couldn’t before and quantify risk where it previously wasn’t possible.
In this white paper, we cover a few tips to help you get started with your IoT/smart home technology program.