Home insurance market share rank: 9; 2.87%DI
: Are you exploring smart home technology?
Smart home technology and IoT sensors are advancing Chubb’s evolution from a model of 'repair and replace' to 'predict and prevent,' which will fundamentally change the relationship between insurers and their customers. Chubb recently announced that it will partner with Hartford Steam Boiler Inspection and Insurance Company, a unit of Munich Re, to begin installing innovative Internet of Things technology in the homes and businesses of Chubb policyholders. By actively monitoring the home through smart devices and IoT data, we will be able to predict and prevent damage. For example, while our homeowner is away on vacation a smart device in their home alerts Chubb to a change in water pressure and a potential water valve leak. Chubb can alert the homeowner that there is a problem before there has been a flood and provide service options to address the issue.DI: What kinds of devices are you using?
The program is made available through HSB's partnership with GROHE, with sensors powered by the GROHE Sense Guard
system, an intelligent water security system that detects water leaks, alerts the homeowner and shuts off the water supply automatically to prevent severe damage to the home.
In two other programs, advanced IoT sensors that monitor temperature, vibration and humidity changes, powered by HSB's Sensor System
s, will be installed in clients' homes to help prevent damage to valuables such as fine art and wine collections, and, on the commercial side, in businesses and entities with environments sensitive to these factors. DI: What are some of the insights you've gotten through the program?
The HSB program is still in early days of rollout and testing for both personal and commercial lines clients but we also have prior experience with the use of sensors. The customer experience is critical, requiring thought in the marketing, installation by professional providers and monitoring thereafter.
We are carefully assessing the technology, data analytics and sensor installation to ensure there are no false alarms and the installation process is seamless for customers before expanding the rollout of the new program.
We have both personal and commercial lines clients on-board to participate in the testing phase. While early, clients clearly recognize the value of the having sensors installed in their homes and businesses to alert and potentially minimize damage and disruption.