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TMCNet:  Implications of IoT Data for Insurers

[November 13, 2017]

Implications of IoT Data for Insurers

NEW YORK, Nov. 13, 2017 /PRNewswire/ -- Home and auto insurers can manage risk and save money by leveraging smart home products to predict and prevent fires, flooding, and device malfunctions. Health insurers can gather data to improve care quality and health outcomes, by collecting and analyzing data from connected devices such as connected blood pressure or fitness monitors. All insurers will also be able to use smart home data to determine the most competitive premiums and provide new benefits to their customers. This report reviews insurance applications for the connected home, assesses benefits for both insurers and policy holders, and evaluates early insurance programs leveraging smart home data.

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This report addresses the following questions:
- What market forces are driving adoption of home telematics and how might the insurance industry move toward using IoT data to inform products and processes?
- What are the data needs of insurers and how does the data inform various business functions?
- What companies are included in the value chain for home telematics-based insurance services?
- What considerations inform development of a path to market for insurance companies and who might they partner with?

- What are the implications of smart home adoption and home telematics programs, and what recommendations will help IoT ecosystem players respond successfully?

Implications of IoT Data for Insurers draws information and data from multiple sources:
- Interviews with and research on companies, including smart home device manufacturers, smart home system integrators, and smart home system providers
- Company financial reports and related secondary research
- Parks Associates consumer surveys and forecasts
- Parks Associates reports:
o Insurance Opportunities in the Connected Home, Q3 2017
o 360 View: Residential Security and Smart Home, Q1 2017
o IoT Data: Securing the Connected Home, Q2 2017
o Smart Home: A Roadmap for Strategic Planning, Q4 2016
o 360 View Update: Connected Home Devices Deep Dive, Q3 2016
o Managing Home Resources: Smart Energy and Water Products, Q3 2016
o Delivering Peace of Mind: Connected Devices and Sensors, Q2 2016

The companies researched or interviewed for this report include the following (Figure 1):
American Family Insurance
Leak Sentinel
First Alert
State Farm
Gore Mutual
Liberty Mutual
Verisk Solutions
Home Beaver

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