Beyond Discounted Rates: How Smart Home Devices Can Transform The Insurance Business Model

SYDNEY FENKELL | February 8, 2018

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Once a vision of the future, the connected home is no longer the stuff of science fiction. Today, connected devices are changing the way more than 29 million households go about their daily lives, up from 22 million in 2016. This growing market is opening up opportunities across a variety of industries - insurance among them as ripe for transformation. In fact, it seems that some insurers have already caught on to the potential. As early as 2015, Liberty Mutual began offering discounts to customers with a Nest smoke and carbon monoxide alarm installed in their homes. More recently, American Family Insurance started offering up to 5% savings on policies for homeowners with qualifying smart home devices or home security systems. State Farm is now offering exclusive discounts on connected home monitoring systems like Canary and ADT among other perks.

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At Integrated Risk Solutions, our mission is to protect the security and profitability of leading professional and commercial clients helping them to achieve their business objectives. As an Insurance and Risk Management firm, we are a group of dedicated professionals that utilize our own unique process known as The Integrated Risk Model to reduce our clients long-term cost of risk.

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