For years now, insurers have been successful at using telematics to track insureds driving habits. Carriers have made great strides in perfecting devices that help them to assess risk and aid in the underwriting and claims processes. So it should only seem like the next natural step in the process that as technology continues to improve and our personal devices evolve, that this type of data analysis moves from the car into the home. London-based Ninety Consulting recently issued a whitepaper entitled The Connected Home, which looks at the evolution of smart home technology and how insurers will be able to gather real-time telemetric data to aid in the assessment of risk and loss prevention. The firm finds that the success of the smartphone and smart TV have created a natural interface for customers to interact with their devices: wireless Internet connectivity in the home allows devices to easily communicate both with each other and with the outside world. As a result of this, there are some common and emerging applications that are becoming more commonplace and that may be of significant value to insurers. Follow along to see what are the most common applications. Please note that Nos. 1 through 9 are all currently readily available technologies, whereas Nos. 10 through 12 are emerging technologies.
1. Intruder Alarms
Alarm systems can automatically detect intrusions, call contacts or authorities to report break-ins or suspicious activities and take pictures or video footage.
Thermostats can sense residents' routines and control the temperature and heating/cooling equipment accordingly.
Lighting can automatically control individual lights from an app and set away-from-home schedules.
4. Smoke/Carbon Monoxide Detectors
Detectors can notify homeowners of smoke or other gases and automatically shut down heating elements, ovens or other relevant items.
Refrigerators can alert homeowners to power outages or if a door is left ajar.
Ovens can preheat based on calculating the homeowner's arrival time, automatically set cooking timers, and check cooking status without anyone being present in the room.
7. Electronic Door Locks
Electronic door locks can remotely lock or unlock based on the authorization of the person trying to enter. These types of locks can include fingerprint scanning or other types of recognition software, as well as keep homeowners informed about who is entering and leaving the home, when they left and how long they were there.
8. Water Alarms
Water alarms can text homeowners when they detect water leaking from tanks, water heaters, appliances, etc. These alarms also can automatically shut off the water supply to the affected items.
Washers and dryers can automatically start/stop cycles, monitor load progress and send alerts if problems arise.
10. Conditions to Which the Home is Exposed
Sensors in the home can track temperature, wind speed, humidity and mechanical vibrations.
11. Groundwater Levels
Water leak detectors can be placed in basements for early detection of floods. This also can be extended to undersoil groundwater monitoring as well.
12. Food Stocks
Refrigerators can know what food currently is stored and can automatically reorder when stocks are low. They also can track the quantities of healthy foods. See more "here".