How smart home tech is shaking up home insurance — why smart sensors, AI, and IoT devices are revolutionizing how…
While other industries such as banking have undergone a major technological revolution in the last few years, insurance has remained pretty much the same for centuries — at least as far as the consumer is concerned.
Sure, the way in which insurance operations have been transformed by AI may be profound. But when it comes to the end-user, most of us still buy our annual premium and cross our fingers that nothing goes wrong. Then if disaster does strike, we file a claim and hope to get a pay-out — eventually.
Now, though, this centuries-old business model is finally undergoing a shake-up. Driven by the rapid rise of AI, the Internet of Things (IoT) and smart devices such as water leak detectors and surge protectors, ‘InsurTech’ is transforming the insurance sector from one previously based around retroactive reimbursement to one that’s more centred around proactive prevention.
While still only a...
Copyright of this story solely belongs to www.techradar.com. To see the full text click HERE
