IoT helps insureds winterize their homes
November 26, 2018
Insurance Business Magazine
By Bethan Moorcraft
When the weather takes a turn for the worse, there’s nothing better than escaping the 20F icy misery and hopping on a plane for some winter sunshine. But while homeowners soak up the sun on vacation, their valuable assets are sat shivering at home.
The advent of smart home technology has provided a solution to that monitoring conundrum. When homeowners are away from their homes, they can now use Internet of Things (IoT)-connected devices to control the heating, plumbing, security and so on. As smart systems become more commonplace in homes, insurance carriers and brokers are also starting to use them as risk mitigation devices and data collection tools.
“A lot of this smart home technology is really neat,” said Jason Metzger, senior vice president and head of risk management at PURE Insurance, a member-owned property and casualty insurer for high net worth individuals. “As an industry, I don’t think insurance is there just yet, but we’re rapidly moving in the right direction. Connected technology is awfully buzzy right now, but there are certainly advantages for our members in having smart-connected homes.” ...
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