UBI for homes enabled by IoT has not yet reached the same levels of adoption as UBI for vehicles. The initial success of UBI for vehicles is encouraging some organizations to build UBI for smart or connected homes.
Goals and Objectives
Leverage sensorbased technologies to deliver great propositions involving risk prevention and tailored pricing. Leverage data from sensors installed at home to develop algorithms to predict and identify risks effectively using advanced analytics.
IoT – 24 x 7 monitoring (using cloud-connected cameras, smoke detectors and moisture sensors), Big Data, Mobile technologies, Cloud, Advanced analytics, Cognitive technologies, Next-gen security
Use Case Summary
Offer a home or renters insurance product that relies on real-world data such as safe habits in using a home rather than actuarial studies of aggregated historical data to determine premium pricing. Invest in a partnership ecosystem of real estate companies, smart device manufacturers, home assistance services, and security providers to maximize the benefits.