NOTES 24 iii. The connected home There is a clear appetite from consumers for connected home when a customer moves, Buzzmove has tapped into a new devices. In one recent Consumer Intelligence survey, 93% of and valuable data set – customers can track the value of their consumers said they would welcome a device that would mon- household contents and assets in real-time and find person- itor and keep their home safe. alised cover that accurately reflects the ongoing value of their Connected homes offer insurers a unique opportunity to goods. develop an ongoing relationship with customers with a service In the future, the number of start-ups who are leveraging data that adds value to their lives. Insurers can move from being the and analytics, particularly via the Internet of Things, is set to rise responder that steps in when disaster strikes, to the facilitator – these businesses will identify an increasingly broad range of that prevents disaster happening in the first place. The insurer applications in different industries. “The Internet of Things and therefore becomes a trusted and relied-on service provider in big data afford opportunities to turn insurance upside down,” its customers’ everyday lives. says Jehangir Byramji, Senior FinTech Lead at Lloyds Banking In practice, the use cases in this theme are Group. “Disruption comes from being unusually smart about diverse. For example, Buzzmove also fo- combining layers of information - proprietary or public - in order cuses on the home space, but not by to make better decisions to automatically underwrite and price leveraging the Internet of Things. By policies tailored precisely to individual circumstances.” digitising the home survey process Two-thirds of insurers see the potential impact of new entrants’ data and analytics