Changing consumer expectations, increased competition and pressure on profitability have driven home insurers to innovate and enrich the way they evaluate and price risk, share information, and engage with their customers.
But this is just the beginning. Harnessing the data from emerging innovations such as smart home technology and the Internet of Things (IoT) has the potential to be transformational for home insurers and could allow them to shift towards a more proactive approach to managing risk in the future.
Based on research conducted by LexisNexis Risk Solutions, this report examines current views on the role and potential of data and analytics within the home insurance industry. The report reveals opportunities where home insurers could potentially differentiate themselves and add value in a competitive market.