Smart-Home Insurance

Published on July 19, 2018 | 1 min read

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

smart home

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.