Connected cars, connected homes and wearables make it possible for insurers to move past insurance transactions—and toward living services that improve customer outcomes.

Insurers are no strangers to using data and today they have many more data sources at hand. In particular, connected devices and sensors from the Internet of Things (IoT) provide an opportunity to collect real-time, dynamic data—and in turn, to help customers not just indemnify, but also protect themselves from risks.

Living services can help insurers personalize customer experiences—and reduce the risk of loss

Living services combine new technologies to deliver a new layer of connected intelligence, revolutionizing our ability to create exciting and indispensable services. Living services require insurers to forge long-term relationships with customers and continually learn through real-time analytics, with the overall objectives of improving customers’ financial well-being, promoting healthier lifestyles and enhancing their protection.

Living services through connected cars

Through telematics or other connected car technology, an insurer could offer:

  • Real-time information on traffic and driving conditions
  • Recommendations for safer driving routes
  • Scheduling for vehicle maintenance (oil changes, tire rotation, routine service, etc.)
  • Alerts to emergency services in event of an accident

Living services through connected homes

Similarly, sensors and devices within a connected home can help insurers provide:

  • Safety and security monitoring to detect unauthorized access
  • Advice for optimizing energy bills through smart thermostats, electrical sockets and appliances
  • Alerts for preventative maintenance of appliances
  • Proactive risk prevention through home monitoring—for example, monitoring pipes during winter to mitigate bursting

Living services through wellness services

Through the use of wearables, insurers can help customers live healthier lifestyles by:

  • Encouraging healthy eating and exercise behaviors
  • Monitoring compliance with medical treatments or prescriptions

Living services can help insurers treat customers as individuals

Living services can be offered by an insurer alone, but more often involves partnerships or platforms with relevant companies. Well-designed living services can help address a customer’s need for personalized offers and service—while simultaneously providing important insights to help insurers better understand their customers as individuals. In the long term, this can help insurers provide a stronger value proposition to their customers, and help them move beyond indemnification toward proactive protection.

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