Connected Homes Creating Opportunities for P&C Insurers

Based on expectations that they will increase comfort and convenience, enable remote control of home devices and reduce energy bills, interest in connected-home products and services, including monitoring, control and energy management, is projected to increase to 57 percent from 7 percent over the next five years, according to recent research from Accenture, a management consulting company. Conceptually similar to connected-car technology, which uses connected sensors to report on usage, behavior, location, status and other data points, connected-home technologies offer a range of conveniences to homeowners and could create new opportunities for P&C insurers akin to those of insurance telematics.