Smart-Home Insurance

Will home insurance be needed when smart-home technology lets you detect or even stop water leaks, prevent weather damage and track temperatures?

Accenture Insurance writes that while companies are working towards open platform integration, stand-alone smart-home technologies remain important for current smart-home insurance offerings. These include:

• Security – Sophisticated alarm systems detect intrusions and can call homeowners, contact centers or law enforcement authorities; they can trigger photographs or video footage.
• Water – Sensors can detect water leaks from tanks or appliances, contact homeowners and shut off the water supply if necessary.
• Thermostats – Smart thermostats can now track residents’ activities and routines and control temperatures in response.
• Fire alarms – Detectors can distinguish between steam and smoke and shut off appliances.
• Weather – Sensors can prevent damage, moving shades up or down or closing doors automatically.

Established insurers are responding by creating relationships with tech providers in the smart-home sector. As Rapberger writes, smart-home technologies and open platforms represent exciting emerging markets for insurers, with a huge opportunity for innovative players.