Madison, WI (Apr. 4, 2019) – The first plenary meeting of the North American IoT (Internet of Things) Insurance Observatory took place today in Madison, Wisconsin, under the lead of world-renowned InsurTech expert Matteo Carbone.
One of the highlights of this plenary session of the Observatory is the presentation of the “Smart Home Insurance” paper created by the IoT Insurance Observatory together with American Family Insurance. The paper provides a concrete and pragmatic view of the smart home opportunity for insurers. It’s a deep-dive into key aspects of the smart home trend, the implications for the US home insurance market, and into customer preferences.
The paper concludes with a list of “must-have” elements for an insurer in order to deliver the promise of a smart home value proposition.
“American Family’s innovation path is insightful and the lessons learned show that just a shiny IoT gadget is not enough: you have to create effective processes, mobilize adequate skills, and activate partnerships,” said Matteo Carbone, Founder and Director of the IoT Insurance Observatory. “I see IoT as an extraordinary opportunity for the US insurance sector if the potential of this technology is fully exploited.”
“I hope this paper will inspire more market participants to be ambitious about their smart home insurance projects in order to create a virtuous value-sharing loop with policyholders, including increased interaction frequency with them,” added Carbone. “This a great way of creating new knowledge and generating positive externalities for society. This will be the way for insurers to stay relevant in their customers’ lives.”
This first plenary session of the North American IoT Insurance Observatory held at the American Family Spark building, gathers in one room executives from leading players in Insurance IoT innovation: AF Group, Allstate, American Family, AmTrust, Cambridge Mobile Telematics, Comcast, Data Reply, Encompass, EVO, Farm Bureau Financial Services, Hartford Steam Boiler, HCS Capital, Homesite, Novarica, Munich Re, Scor, State Farm, Swiss Re, The General, and The Hartford.
To download the paper click here.
About the Observatory
The IoT Insurance Observatory is a global insurance think-tank developed by Matteo Carbone and Digital Tech. For more information, visit iotinsobs.com.
About American Family Insurance
Based in Madison, Wisconsin, American Family Insurance group is the nation’s 13th-largest property/casualty insurance group and ranks No. 311 on the Fortune 500 list. The company sells American Family-brand products, including auto, homeowners, life, business and farm/ranch insurance, primarily through its exclusive agents in 19 states. American Family affiliates (The General and Homesite) also provide options for consumers who want to manage their insurance matters directly over the internet or by phone. Affiliate Main Street America sells insurance products through independent agents. For more information, visit www.amfam.com.
SOURCE: IoT Insurance ObservatoryTags: Allstate, American Family Insurance, Cambridge Mobile Telematics, Hartford Steam Boiler, Internet of Things (IoT), Matteo Carbone, Munich Re, Novarica, Smart home, State Farm, Swiss Re, The Hartford, whitepaper