Internet Of Things - HO Market

by Ankur S. Get Free Insurance Quotes Online

There is 26 Billion number of connected home devices by the end of 2020 as per Gartner's research. In total $149 Billion is the connected home market. The future of all devices is indeed data.

Consumers take these devices home, install, protect their home and it gives an opportunity to collect huge amounts of data that will benefit insurance providers and customers.

Developing smart services, starting from IoT devices and their data is where the opportunity lies. Data collected from across the connected-home user base will lead to the development of smart algorithms able to identify risk independently.

Data collected from millions of sensors, from the homes of millions of users via the Sensors, IoT and IFTTT will become an innovative solution contributing to better, cheaper, more tailored home insurance.

Smart algorithms will be able to predict fire before it even happens, simply by analyzing at previous sensor/event patterns (increasing temperature, ambient humidity, pressure, moisture, etc.).

It can assist in preventing a fire via remote access to IoT connected objects (i.e. controlling heating/cooling/sprinkler systems, locking/unlocking doors, activating alarms, etc.) or by contacting a servicing company to get someone on-site to gauge and/or resolve the issue before it happens. The insurance can provide you more than just insurance, but protect you from any catastrophes.

On an individual level, data gathered for each specific home could reveal overall usage patterns (i.e. do homeowners lock their doors when away, turn off their heating and burners, activate their alarm, etc.) for tailored policies that feature even lower premiums for homeowners with better ongoing habits.

We at the point of an insurance revolution in the home. Yet it won’t take long for things to change.

The data is flooding in terabytes a year, are you ready to take advantage?

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