Insurtech is a term applied to the many segments of new technology that are transforming insurance to extract savings and efficiency from the current insurance model. Several immediate changes in consumer preferences are driving connected adoption across various segments.
Recent success stories of connected insurance are:
In-car connected sensors, or telematics, have become business as usual for auto insurance carriers like State Farm, Progressive and All State, which say customers appreciate the opportunity to review their performance online and receive discounts on their insurance.
Home insurance customers get discounts on connected home-monitoring equipment, which include smoke detectors and thermostats. State Farm also offers a Home Alert 10% Discount on home or renter’s insurance if a connected alarm is installed.
In the workers’ compensation industry, wearable sensors are reducing costs through injury prevention. Headgear with cameras are being used to help prevent injury in a job site, coupled with using an ear piece to help someone guide a worker to perform a task safely.
CareValidate, driven by innovative SafeSense technology, has brought the full force of disruptive, opportunity-laden connected insurance power to senior living liability. We believe that this will bring changes not unlike those seen in auto, home and workman's comp insurance to senior living liability.