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5 Tech Trends That Can Improve Your Insurance in 2015

Posted by Parker Beauchamp on Feb 04, 2015

flickr-nest2As consumers, we strive to protect our homes, cars and businesses from unwanted exposures. Even the most cautious owners, however, can suffer a loss.

But what if some common losses, such as pipe bursts or fender benders, could be more easily avoided? What if you could lower the cost of your insurance knowing that the number of claims and liabilities you face are reduced?

Well, thanks to the help of new technologies and innovations, this could become a reality.

From IT in the home, to automobile technology and innovation in health insurance, 2015 will offer an exciting collection of money-saving tech trends for consumers.

Modernize and Save

Advancements in consumer products can increase efficiencies in your home or business, and lead to potential cost savings in your insurance. The list below outlines five of this year’s best, up-and-coming technologies and how they could help you save money:

  1. Smart Thermostats

Imagine if your home or business could collect data to learn your perfect environmental temperature and provide you with information about your energy use. Thanks to smart thermostat solutions, like Nest (@nest), you can control the temperature of your space remotely, receive alerts when your home or business is too hot or too cold, and stay consistently informed about your energy consumption. These convenient features can help safeguard your home or business against risks including due to heat and water pipes freezing in the winter months.

  1. Security Systems

The technology and connectivity of home security systems improves continuously. Now, homeowners with sophisticated gating structures can install emergency entry systems to allow immediate access for first responders. This technology will protect the infrastructure outside of your home and expedite emergency response time, saving both money and lives. 

  1. Auto shutoff water systems/leak detection

The newest, most high-tech, versions of flow and sensor-based water shut off systems include wireless sensors to protect high-risk areas from flooding. Furthermore, they will alert owners immediately when a problem occurs. This will provide you with peace of mind from freak water damage accidents while you’re on vacation. 

  1. Changes in Healthcare

According to TechCrunch, new healthcare insurers, like Walmart, are leading innovation in healthcare insurance. Small startups will likely sell to big pharmaceutical companies, while Amazon is expected to turn the medical supply chain upside down. Although the healthcare industry has been notoriously slow to change, significant demand from consumers (as well as the government) for better coverage and care will take changes into full swing this year.

  1. Automobile Tech

Would smarter cars encourage smarter driving? It’s possible. In theory, this would lead to fewer accidents and injuries, fewer claims and considerable savings. New cars feature unparalleled fuel economy, which is best for the health of our environment and budgets. From rear-view cameras, to programs that help drivers automatically parallel park, 2015 will undoubtedly welcome improved technologies that will further improve passenger safety. 

Incorporating one or several of these devices into your home or business could, in theory, decrease your exposure to loss and the number of claims you file. Just think about the positive impact these technologies could eventually have on the underwriting process, and potential cost-savings enjoyed by policyholders.

Have you made tech improvements to your home or business that could affect your insurance? If so, review your policies with a trusted insurance partner to ensure you are properly protected.

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Image Credit: Grant Sewell via Flickr

Topics: Business Insurance, Personal Insurance, Insurance News & Trends