Could smart home technology make insurance smarter, and, maybe, lower builder liability?

The Internet of Things is driving a sharp increase in all kinds of sensors producing data that flows into the cloud.

These devices offer new possibilities for greater convenience and safety for consumers, but they’re also creating valuable data that can lead to important new insights for insurers.

In the property and contents insurance market, the rise of the smart home represents a major opportunity to engage with policyholders, prevent and mitigate risks, and collect useful data.

Consider that 51% of U.S. households with broadband internet find the idea of an IoT device that alerts them to smoke and fire highly appealing, and 41% feel the same way about devices that warn about water leaks, according to Parks Associates. The beauty of these devices is that they don’t just protect people and alert them to emergencies when they’re at home – they can also warn about a fire or a leak when they’re at work via their smartphones.

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