Risk Talk on Smart Homes
28 Nov 2016
What are the risks and opportunities of smart homes? As new trends and technologies emerge, consumers and smart home providers are quickly adopting new ecosystems which will challenge and impact the insurance industry. The 'Risk Talk on Smart Homes' event at Swiss Re's Centre for Global Dialogue brought experts together to examine where key market players can leverage these new developments.
Click here for more information about the event.
Read a text version of the video here:
In Swiss Re, we're leveraging on our expertise on risk and also in our experience with smart analytics to bring to our customers, insurers, risk intelligence which will allow them to fast track and go into the market in the new smart home business.
Home automation security and the internet of things needs to be human-centered. It needs to be invisible, autonomous, responsive and it needs to understand the intent and it needs to be able to predict what people will do and they need.
Smart home offers engagement and therefore represents a huge opportunity for a number of industries such as, let's think, retail like Amazon, healthcare, hospitals, doctors and so on. You have the security industry, you have the insurance industry, you have the energy sector, you have the telecom sector, so there's basically lots of industries which are interested in this.
Most surprising today for me has been some of the statistics, the penetration and adoption rates in some of the markets. I must say I do read my stats, but I'm surprised how many people actually do already have smart homes and therefore how soon the opportunity is for all of us.
How can insurance companies engage smart home companies? They could do that by offering a service that gives them access, for example, to their service providers. It needs to be a convenience that they could not have had otherwise. In addition to that, there's an opportunity in the smart home for insurance companies to possibly aggregate multiple home automation systems and be maybe the glue that connects them together. There's a lot of possibilities for insurance companies in home automation.
The highlight of today's event was the fact that we sat together, different industries of the ecosystem, and they were also complimentary, giving each their angle and view on the same topic or challenge or opportunity. That I hope gave everybody a 360-view around the smart home opportunity and ecosystem.