Property telematics programs are a win-win for insureds and their insurers

To a property, water damage can be deadly. In 2017, insurance payouts for water damage totaled $13 billion, with the average claim cost hovering around $10,000. The insurance industry isn’t sitting idly by as non-weather-related water damage threatens homeowners and businesses – partnerships between insurers and telematics providers are on the rise, and don’t just bring benefits to policyholders. As personal lines carriers feel the squeeze on their auto book of business – with the growth of the autonomous mobility space, the Lubrification of the driving economy, and an 83% uptick in car insurance rates over recent years – they’re paying more attention to their property book. “The challenges they’re going to face are, how do we increase our book of business, and a related problem to that is how do I reach more insureds?” said Pankaj Parashar, co-founder of Purple Ant, which helps carriers leverage IoT and AI technologies for their clients.