Note from the Publisher: In all things fintech, insurtech comes into the picture as well. PwC has commissioned a study which found that although many types of smart tech for the home are available that could assist in alerting them of problems before they result in damage and subsequent insurance claims, consumers are still remiss to utilize them, and that is a missed opportunity for insurance companies. For instance, there are apps that can join a boiler’s temperature to your smartphone and if it’s overheating, send an alert, but the public is not ready for this level of integration just yet, or the expense associated with acquiring the technology. No doubt that will change over time, but although the technology is here, it’s not generally widely accepted or utilized yet.
“Smart technology in the home, otherwise termed the “connected home”, is the latest range of products and devices to develop an affiliation with the UK insurance industry. Currently, we’re seeing several energy and utility providers developing various new products designed to improve the approach to risk in residential properties. Insurers are beginning to realise how the better management of risk can be reflected in the insurance policies offered to those embracing these devices. However, the main issue lies in convincing customers of the benefits of smart tech in the home, as many remain unimpressed and are reluctant to make the transition.