Technology has made an impact on every industry and whether or not you are pro-technology or against it, we can all agree it is here to stay. Insurance is no exception and our industry is changing at an unprecedented pace. As risk advisers, we draw your attention to emerging trends that will play a role in how you finance, transfer, and mitigate risk. First, a word of caution on the topic of technology and automation. In our minds, we will never succumb to the idea that a digital world will make our lives safer or happier. That is why we are not advocating these products or the technology; this is solely for your information and discernment.
Below is a sample of the tools, resources, and vendors that are making their way into the insurance marketplace; and subsequently, into the businesses, automobiles, and homes of customers we insure.
Central Insurance Companies has embraced the change in technology by allowing everyday upgrades in your home to provide customers with a discount on their insurance policies. Some home safety items include alarm continuity system, sprinklers and sprinkler system flow alarm, whole house generators, gas leakage detection system, lightning protection system. Some water backup loss prevention features include whole house standby power generator, non-electrical backup sump pump, essential circuit standby power generator, portable generator, water/leak sensor system.
Multiple insurance carriers have adopted their own version of safe-driving sensors that can be plugged into your automobile – some carriers include Progressive with SnapShot, Penn National with Penn ID, Travelers with IntelliDrive, and Nationwide with SmartRide are just a few that utilize auto safe-driving sensors.
Selective Insurance offers a program to customers that helps with commercial fleet management, called Selective Drive. “Driving events” or the information a fleet manager chooses to monitor are gathered during every trip and stored in the cloud for easy access. These types of “driving events” can include boundaries, crash reports, daily mileage, destination, drive time, harsh acceleration or braking, harsh turns, phone calls, phone usage and speed monitoring. A few of HAWK’s advisers are currently testing out Selective Drive, so be on the lookout for a report on this value-add service.
State Auto offers a variety of sensory technology options, including:
• Flyreel – To learn more about this recent partnership, click here. Flyreel is Artificial Intelligence for property insurance – their proprietary computer vision documents property contents, condition and more as users are guided through inspections.
• Roost & State Auto partnered to provide insureds access to a variety of Roost Smart Sensors, including the Roost Smart Battery (for smoke alarms) and the Roost Smart Water Leak and Freeze Detector. These sensors deliver notifications to customers’ smartphones when a suspected water leak or fire event occurs. Learn more about this partnership here.
• Matterport – Matterport has built an advanced platform for quickly and easily creating, understanding, and distributing 3D models of real-world spaces. This solution provides customers a means to quickly and inexpensively digitally capture, document, visualize, and collaborate around properties in 3D on web, mobile and in Virtual Reality. This allows complete documentation of a property’s features, dimensions, conditions, and contents at any point in time. To learn more about State Auto’s partnership with Matterport, click here.
Insurance companies and agencies alike agree that consumer expectations are changing. Customers are seeking improved delivery methods, custom product solutions, added services, and quicker value exchange. HAWK is strategically investing in initiatives that support our corporate mission of engagement and responsiveness. It’s our goal to equip our clients with resources, advice, and education to help them navigate the complexities of risk.
Technology and automation like those mentioned in this article will reduce the probability of certain risks, open access to better information, and improve communication. HAWK will be helping our clients through these changes and providing you with insight to make confident risk management decisions.
If you have questions about any of the programs listed above or if your specific insurance carrier provides sensory technology value-add services, please reach out to us!