Insurance companies, program administrators, and managing general agents are continuing to invest heavily in automated insurance rating systems to streamline their operations and save on costs while maintaining their own unique brand identity via the customization options that many of these systems have to offer. But it just so happens that they are not the only ones who are resorting to the ultimate in high-tech, computer-driven methods to boost their effectiveness–just look at what is going on in the housing industry.
According to a recent study conducted by Accenture, a world leader in integrated management consulting, technology and outsourcing services, innovations driving the “connected home” (made so via the so-called “Internet of Things“) are also fueling economic growth around the world. Enjoying the bounty is not just the housing industry itself but also property and casualty insurance companies, as well, many of which are capitalizing on new product offerings that the innovations have paved the way for.
Utilizing wireless technology, these global connected homes feature sophisticated control panels that handle management everything from doorbells, lighting, security, entertainment, and heating to ventilation and air conditioning, programmable and adjustable whether the user is inside the home or activating the system remotely. All of the data produced by the system can be tracked and acted upon to help reduce costs for both homeowners and the carriers that insure them.
The projected growth for the connected home is explosive, anticipated to top a whopping $235 billion by next year, with home security, smart utilities, and home entertainment comprising the biggest segments of the market at $110 billion, $33 billion, and $68 billion respectively. This expansion in turn represents major growth opportunities for the property/casualty industry because the data that becomes available based on use of the connected homes can be mined to track behavior patterns, giving carriers even more insight into consumer activities so they can evaluate and price risks that much more precisely. All of this improved data ultimately can lead to higher profits, just as improved data can help insurance companies, program administrators, and managing general agents manipulate automated insurance rating systems continue to fine-tune their efforts to reduce costs and improve their bottom line. Select a leading system provider for the most flexible, customization experience and you won’t go wrong.