Sensor-based technologies are used to collect data for more accurate premium pricing or launch products for sharing economies, but many insurance organizations are yet to extend the use case further to proactively manage risks and prevent losses due to irresponsible use of homes/rental abodes. There is also an opportunity to leverage the technology to expedite the claims processes (e.g., in catastrophic situations) to avoid further damage.
Goals and Objectives
Leverage sensorbased technologies to monitor activities when the inhabitants are present or away and track the condition of the property to prevent accidental damage or damage due to human or environmental factors. Rely on evidencebased loss prevention models to provide proactive warnings and safety tips as well as protect lives and property. Manage risks and costs of theft, water, fire, and appliances issues.
IoT, Big Data, Mobile technologies, Cloud, Advanced analytics, Cognitive technologies, Next-gen security
Use Case Summary
Use sensor-based technologies to enable loss prevention or loss reduction in home insurance through real-time monitoring, tracking, and offering timely warnings. Reduce the frequency and severity of claims losses with the aid of data or evidence from the sensors.