Observers expect that smart homes will have a similar effect on home insurance that telematics and the connected car did for auto insurance. Soon, carriers aim to use connected-home technology for claims avoidance, underwriting and improved interactions with homeowners beyond just creating a policy. That’s according to new research from technology-research firm Gartner. And, some insurers are beginning to invest in connected-home companies using their internal venture capital arms.
But there are still obstacles in the way of fully realizing smart homes’ potential. There is no set standard yet of how to leverage data insurers collect from households, according to Kimberly Harris-Ferrante, distinguished analyst at Gartner. Customers are also not adopting smart home technology as quickly as the industry would like.
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