Smart Home Insurance Markets: The Role of Emerging Technologies, 2019 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Smart
Home Insurance – Role of Emerging Technologies, 2019”
report
has been added to ResearchAndMarkets.com’s offering.

Consumers’ interest in connected devices has been one of the significant
drivers of innovation in the sector. Over the years, as the cost of
sensors declined, the number of IoT-enabled devices has increased
steadily and they have become more affordable and viable. However,
consumers continue to be wary about data privacy and sharing.

The application of data gathered from smart devices can be used across
many other verticals, such as auto telematics, healthcare, and banking
and financial services. One such application is home insurance – Smart
home insurance is an upcoming market. The ecosystem essentially
comprises insurers, technology providers, InsurTech companies, and smart
device manufacturers. While it is imperative that different stakeholders
work together for rapid and meaningful growth of the market, initial
estimates of growth have not been met.

Smart devices deployed in homes to monitor or detect risks such as
theft, CO, fire, and water leaks, etc. contribute data about consumer
usage and preferences that can be effectively used to design home
insurance policies that are customized and cost less. Most insurers are
using monetary benefits in the form of discounts on premiums and devices
or even free devices to entice consumers. This is a common strategy and
consumers have expressed readiness to adopt smart home insurance in
exchange for free devices or discounts.

This report will outline:

  • Challenges faced by consumers and insurers
  • Impact of advanced and emerging technologies on smart home insurance
  • Drivers and Restraints
  • Growth Opportunities
  • Market Trends

The report also includes company profiles of some market participants,
examples of smart homes insurance implementations and innovations, and
recent development such as investments and collaborations in the
industry.

The next step however, is to identify the real differentiator and these
will be based on how companies interact and engage with their consumers;
so rather than just at the time of purchasing a policy and making a
claim; engaging with them throughout the duration of the policy with
benefits, is an attractive proposition. Value added services are
something else that they have come to expect in exchange for data –
ranging from alerts about intruders, or leaks to maintenance services.

Data generated by consumers can be used by insurers to further enhance
customer engagement, improve processes, and reduce costs. Use of
advanced technologies such as artificial intelligence (AI), machine
learning (ML), Big Data Analytics (BDA) and emerging technologies such
as Blockchain and drones is expected to greatly improve smart home
insurance.

Some of the challenges faced by insurers include data security, lack of
understanding of outcomes, lack of skills, ambiguity in regulations, and
the exact understanding of impact of technologies. However, the interest
is high and many pilots and initial implementation of technologies are
underway.

Key Issues Addressed

  • What are the challenges faced by consumers and insurers?
  • What are the different technologies impacting the smart home insurance
    market?
  • What are the drivers and restraints in the smart home insurance market?
  • What are the top growth opportunities in the smart home insurance
    market?
  • What are some of the innovations and companies making news in the
    smart home insurance market?

Key Topics Covered:

1. Executive Summary

  • Key Findings

2. Smart Home Insurance – Setting the Context

  • Shift in Insurance Industry
  • Multiple Concerns Impact Pace of Adoption
  • Increasing Competition and Ambiguous Business Value
  • Disparity in Consumers’ Interest and Insurers’ Preference for Smart
    Home Devices Value

3. Emerging Technologies Enabling Smart Home Insurance

  • Complex New Ecosystem with Multitude of Industry Participants
  • Advanced and Emerging Technologies Facilitate Better Outcomes
  • IoT Powers Connected Solutions
  • IoT Solution Providers
  • Big Data Analytics Enhance Data Management
  • BDA Solution Providers
  • AI Enables Innovative Products
  • AI Solution Providers
  • ML Automates Repetitive Tasks
  • ML Solution Providers
  • Blockchain Enables Tamper-proof Solutions
  • Blockchain Solution Providers
  • Drones Enhance Efficiency
  • Drone Solution Providers

4. Emerging Technologies in Smart Home Insurance – Market Trends

  • Smart Home Insurance – Market Trends

5. Drivers and Challenges

  • Drivers
  • Drivers Explained
  • Restraints
  • Market Restraints Explained

6. Growth Opportunities and Companies to Action

  • Growth Opportunity 1 – Virtual Assistants
  • Growth Opportunity 2 – Smart Home Data Analytics Platforms
  • Growth Opportunity 3 – Flexi- and On-demand insurance
  • Strategic Imperatives for Success and Growth
  • C2A – Innovative Smart Home Insurance Providers

7. Key Takeaways

  • Legal Disclaimer

8. Appendix

  • List of Exhibits

For more information about this report visit https://www.researchandmarkets.com/r/oav01h

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Related
Topics: Property
Insurance
, Internet
of Things and M2M

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