"Smart Technology in Insurance", report explores consumer purchasing behavior and how their preferences are likely to change in the future. It discovers what devices consumers currently use and may be interested in using, as well as why they have reservations and what incentives insurers need to offer to help persuade them.
Key new players in the different markets are highlighted, and we look into how they might disrupt that particular line.
insure the box
Smart technology is used to build relationships between insurers and insurance customers, aiming to eliminate as many potential issues as possible while removing pain for the consumer and cutting costs for the insurer.
For motor insurance efforts have been made to improve poor driving with devices to monitor speed, corners, and braking, while also monitoring car diagnostics to pre-empt breakdowns. For home cover the aim is to make the house as secure as possible - preventing water leakages or fires before any damage is done and securing against burglaries.
Technology in health insurance has focused on solutions to keep consumers fit, for example by setting specialized activity goals. This leads to customers paying lower premiums and maintaining a safer lifestyle, while insurers should end up paying out substantially less in claims.
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- 58.3% of survey respondents are quite or very likely to consider wearing an activity device and sharing data with an insurer.
- Over half of respondents would be interested in a telematics device if it saved them 30% or more on annual premiums.
- Most respondents do not use a smart device to monitor their pet’s health at present but would consider using one.
- Smart smoke and carbon monoxide detectors are the most popular smart devices currently used in homes in the UK.
Reasons to access
- Understand consumer attitudes towards a range of smart devices across five different personal lines: home, travel, motor, pet, and health.
- Learn which age groups are most likely to be interested in certain devices.
- Discover what specific factors both encourage and discourage consumers from using smart technology alongside their insurance products.
- Read about the key players transforming the five personal lines discussed.
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