Internet of Things (IoT) connectivity is surging and the technology’s potential to reshape the way homeowners insurers assess, price, and limit risks appears quite promising. Source: Deloitte, 2018 Insurance Outlook
L&A insurers
- Accelerated underwriting improves customer experience
- Digitalization enables straight through processing
- Sensors bolster underwriting and client engagement
P&C insurers
- Wider adoption of usage-based coverage helps auto insurers upgrade underwriting, pricing, claims management
- Safety technology initially raises severity risk, but ultimately lowers frequency
- Smart homes turn insurers into proactive risk managers
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