Insurance CXOs and smart home devices: one foot ahead, one foot back

Smart-home technology should be a win-win for both the insurer and the insured. After all, data helps to cut risks.
Yet, there is so much more that makes a customer wary: privacy-intrusion, too much monitoring, premium escalation etc.
Blake Kozak at the IHS Technology Group wonders rightly what will help or stop home policies with a smart-home device to attain good adoption-rates. Think of smart smoke-detectors, water-leakage sensors and a lot many other smart devices that can help avert risks; albeit, at the cost of initial customer-reluctance and skepticism about an insurer’s real intentions.
That said, Amazon Alexa Skill, Canary, Frontpoint, Fibaro, Deutsche Telekom etc. are already in the fray. The risks they are taking here can teach others a lot about how to get the balance right. After all, we are dreaming of jumping from just 1 per cent (2017) to 7.5 per cent smart-home technology’s global household penetration rate in 2022.

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