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Automated Home in Insurance - Thematic Research

Publisher GlobalData
Published Jun 22, 2022
Length 56 Pages
SKU # GBDT17354504

Description

Automated Home in Insurance - Thematic Research

Summary

GlobalData estimates that the UK smart home insurance market is worth GBP180 million ($220 million), which equates to just 2.8% of the current home insurance market. Given the openness to interpretation of a “smart home,” GlobalData predicts that the market could be worth up to GBP3 billion ($3.64 billion) by 2026 (48.1% of the household insurance market). Yet the prevalence of smart devices across households will determine the size of each country’s automated home insurance market. According to these conditions, the US automated home insurance market is the largest and most advanced.

Consumers have been able to derive numerous benefits from installing smart devices into their homes, with leading advantages including energy efficiency, home security, and lifestyle comfort. The scope for these devices to mitigate and minimize the impact of various types of claims within the home line has become increasingly apparent. With insurers grappling with ever-growing claims costs in the household insurance market, encouraging consumers to install these devices will alleviate huge pressures on players' bottom lines. This report examines the impact the automated home is already having on the insurance industry and considers the future outlook for this theme.

Scope
  • The key benefit of smart devices to insurers is the mitigation and reduction of several key claims areas, including escape of water, fire, and theft.
  • The data created and processed by smart home devices could open the door for big tech companies and other affinity providers to become disruptors in the home insurance landscape, although for now this is some way from coming to fruition.
  • Leading smart home insurance providers offer discounts firstly on the devices themselves via partnerships with manufacturers, and secondly through discounted home insurance premiums to incentivize uptake and correct usage.
Reasons to Buy
  • Determine the extent to which insurance providers can benefit from smart home technologies.
  • Identify the key challenges and opportunities arising within the automated home space.
  • Develop strategies to encourage uptake among policyholders to benefit both yourself and your customers.
  • Benchmark yourself against the progress of leading insurers within this developing sector.

Table of Contents

56 Pages
  • Executive Summary
    • Figure 1: Who are the leading players in the automated home in insurance theme and where do they sit in the value
    • Automated home
    • Smart speakers
    • Water leak detection devices
    • Smart security
    • Smart smoke alarms and carbon monoxide detectors
    • Smart lighting
    • Smart thermostats
    • Smart appliances
    • Automated home insurance
    • Technology trends
    • Macroeconomic trends
    • Regulatory trends
    • Market size and growth forecasts
    • The current UK home insurance market
    • Other notable smart home markets and insurers
    • Mergers and acquisitions
    • Timeline
    • Figure 25: The insurance industry value chain
    • Product development
    • Marketing and distribution
    • Underwriting and risk profiling
    • Claims management
    • Customer service
    • Public companies
    • Private companies
    • Insurance sector scorecard
    • Glossary
    • GlobalData reports
    • Figure 29: Our five-step approach for generating a sector scorecard
  • About GlobalData
  • Contact Us

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