DIGITAL TRANSFORMATION
“ In motor insurance , many people with telematics policies benefit from an improved claims experience ,” Beal continues . “ From the point of impact through to claim resolution , data from the vehicle can allow insurance providers to get on the front foot at FNOL to support the customer post-accident with emergency services , roadside recovery , vehicle rentals and repairs whilst providing invaluable insights regarding the circumstances of the collision .
“ Insurance providers can look at a range of vehicle data such as air bag deployment , impact sensor activation and G-force metrics to understand claim severity and bodily injury potential .”
Connected devices and home insurance Today ’ s consumer has more connected devices in their home than ever , presenting new opportunities for claim validation and exposure management . In fact , according to Deloitte , the number of connected devices in American homes more than doubled during the pandemic . Deloitte surveyed more than 2,000 consumers in March 2021 and found that the average US home had 25 connected devices – up from 11 in 2019 .
“ The pandemic was a giant betatest of behaviours that broke down barriers , removed distance and prioritised health and wellness ,” says Deloitte Vice Chairman Jana Arbanas . “ Our survey revealed that people are willing to adopt new products and services even while adjusting
“ All cars are expected to have advanced levels of connectivity by 2030 , generating , receiving and sharing a wide range of data ”
JOHN BEAL SENIOR VICE PRESIDENT , ANALYTICS , INSURANCE FOR LEXISNEXIS RISK SOLUTIONS
to challenging circumstances in trying times . This adoption and need for inventive technology are placing more pressure on companies to innovate even faster .”
There is certainly greater scope for insurers to use connected devices , particularly around prevention . The most common devices are smart smoke alarms and carbon monoxide detectors , followed by smart leak detectors . Although some policies make use of connected devices , exits elsewhere – such as Aviva ’ s disposal of its stake in smart home tech provider Neos – suggest that appetite within the industry is low .
The same can ’ t be said for consumers . Research from GlobalData suggests that nearly 40 % of consumers would grant insurers greater access to their smart devices if it meant getting something in return . The most popular incentive was
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