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Will Koblensky for Insurance Business: A combination of consumer demand and industry interest could create a wave of smart home technology and IoT disruption for home insurers in the near future.
According to an NTT Data report, 59% of surveyed home carriers say they’re making “strong progress” adding smart home technology to their coverage while 77% of those carriers are ramping up IoT initiatives.
“We know that there aren’t that many products already out there, so these are initiatives designed to get them into the game,” Normand Lepine, insurance data and analytics lead for NTT DATA said.
“We believe a lot of what’s going on right now is around strategy, potentially infrastructure. There are still a lot of challenges and they (carriers) know that. Until they really understand how this is going to be beneficial, they’re still going to go slowly.” Cont'd...