Automated Home in Insurance: Photos and Videos aid Risk Assessment

Posted by Deeksha on October 15th, 2019

Automated homes are equipped with home security devices, home appliances and home infrastructure equipment that detect, commutate and operate various tasks. The sensors and smart devices facilitate proliferation of house hold data and generate opportunities for insurance companies including losses mitigation, enhanced products and services personalization and improved underwriting. Automated homes are equipped with home security devices, home appliances and home infrastructure equipment that detect, commutate and operate various tasks. The sensors and smart devices facilitate proliferation of house hold data and generate opportunities for insurance companies including losses mitigation, enhanced products and services personalization and improved underwriting.

Automated home in insurance can potentially address insurance industry challenges such as device cost, access to data, privacy & security concerns, adoption rates and lacking standardized communication protocols. Data provided by automated home devices is preferred for real time risk analysis over traditional risk indicators such as year of construction, credit scores and age of roof. Moreover, insight into automated homes data can give information about real cause of incurred loss aiding insurance claim investigations.

An intelligence report titled, “Automated Home in Insurance – Thematic Research” is the source of all the stated insights. This report is the latest addition to Market Research Hub’s ever growing repository

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Insurance value chain influenced

Automated home in insurance influences entire insurance value chain that comprises of product management & services, underwriting, pricing, loss prevention and claims. Smart home information allows introduction of allied services such as attractive service and coverage offerings, and discounted replacement of appliance after specific time period. Automated homes photos and videos aid in underwriting by assessing various ascertaining conditions including presence of hazards and intruders, presence of home business vulnerabilities and pet security. Data such as humidity level, plumbing quality, HVAC conditions and mechanical vibrations predict structural vulnerabilities and evaluate price risks accordingly.

Viable insurance strategies required

Automated homes hold the potential to greatly alter the traditional approach in insurance. Challenges related to standardized communication and data security need to be addressed to gain better penetration in automated homes by insurance carriers. Automated homes should be extensively studies to generate viable insurance strategies that include gathering and analysis of data. A target operating model comprising of people, processes, partners and technologies needs to be devised to enter into automated homes market. Continuous monitoring of automated home strategy followed by an efficient change management system is the need of the hour. Technological intensity of internet of thing has taken market by storm and rigorous implementation in insurance industry can only let them flourish with the change.

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Automated home in insurance: Report Synopsis

Quantitative and qualitative assessment exhort intelligence and overarching report on the Automated home in insurance. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the Automated home in insurance. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on automated home in insurance.

An insightful and deep-dive assessment of the competitive assessment of the Automated home in insurance pins hope on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers a pressing analysis on the potential strategies of the preeminent players in the Automated home in insurance. In addition, the business strategies counts on company overview, product portfolio, SWOT analysis, key differentiation and recent development.

Automated home in insurance: Research Methodology

Primary sources and secondary sources propel intelligence report on Automated home in insurance that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst.