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How IoT helps insurers mitigate the risks of climate change

Thor Olavsrud | April 13, 2017
The internet of things offers insurers a chance to collect better data and create new business models to engage consumers -- and reduce risks.

"We believe merging information from IoT devices with our traditional data services can give insurers deeper insights and a new way to more accurately assess property risk," Dave Pedersen, senior vice president, Strategic Business Development and Innovation, CoreLogic, said in a statement last November. "The novel use of data to give customers safety scores with support and advice that can help them protect their home and family is an exciting new development for the insurance industry."

Both the Smart Home Kit and the Home Safety Scorecard are supported by the ROC-Master App, which allows insurance companies to stay in constant communication with homeowners and improve relationships. Insurers can tailor messaging to a homeowner with local weather alerts and advice to help manage known local hazards like bushfires or floods.

 

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