How to Use Inspection Technology to Engage and Retain Insureds

Although the insurance industry has been slower than other industries to adopt the use of technology, one area that we’ve seen insurers catch onto the Internet of Things (IoT) in recent years is through claims management. Insurance carriers are taking advantage of new types of inspection technology to underwrite risk and process claims faster and more efficiently. However, most insurance carriers are still missing opportunities to use technology externally to engage insureds and retain them.

The insuretech companies that have been flooding the market as of late are excelling at using technology to engage insureds and keep them coming back for more. These companies are embracing the digital paradigm and creating new revenue streams by serving the digital customer.

The Value of Smart Devices as Inspection Technology
One area in particular that property and casualty insurance carriers can use inspection technology to engage insureds and add value is through smart home devices. Insurance carriers now have the opportunity to sell the smart home as a service. By engaging property owners about their preferences and behaviors within the home, insurance carriers are able to deliver a more personalized experience.

The smart home devices provide a direct benefit to the insurance customers, but also add value to insurance carriers by providing them with a source for data collection. By equipping homes with smart home devices, insurance carriers can use the data analytics collected from these devices to reduce claims and provide better service.

The Average Consumer is Slow to Get On Board with the Smart Home
While there is a market for smart home technology, particularly with the Millennial generation that has grown up with the IoT, the average consumer has been slower to get on board with the smart home. Some insurance carriers are now offering incentives in the form of discounts and credits for insureds that use smart home devices and share their data. It will be interesting to see how insurance carriers continue to expand their usage of smart devices as a way to strengthen inspection technology, minimize risk, and deliver more personalized service in the future.

Our team at Insurance Risk Services has been partnering with carriers in the property and casualty insurance industry for more than 35 years. We’ve seen inspection technology evolve tremendously over the past four decades and use it ourselves to provide the most accurate underwriting support in the industry. The combination of the use of technology and our in-person property inspections helps our carrier partners best determine which risks are worth taking.

Contact us at Insurance Risk Services to learn more about how we are using technology to provide insurance carriers with thorough underwriting reports and prompt response times.