4 Important Places to Keep EZ Fire Spray this Summer

By: Linsey Miller*, Senior Vice President of Business Development and Strategic Marketing at Resideo

Most of us would agree with Ben Franklin’s notion that 'An ounce of prevention is worth a pound of cure.' Or in other words, the American inventor meant that it’s easier to prevent a disaster from happening than to deal with the disaster itself. It's a topic the insurance industry has been grappling with recently as it begins to harness connected solutions.

This discourse was certainly evident at the recent Insurtech Insights Europe 2024 event in London where I engaged in meaningful discussions about how smart sensing technology and IoT can shape the future of the European insurance sector. Those discussions all came down to the same central point: delivering better outcomes for customers.

Real-time IoT is used in healthcare and automotive for better outcomes and should already be happening in the commercial insurance category. From an insurer's perspective, data sharing can reveal untapped potential, which includes profitability from lower costs and higher productivity, and fewer losses.

To be clear, I don’t think any insurer can afford not to lean into IoT. First of all, in a fast-moving, connected world, sticking to the way things have always been done can be the riskiest place to be. And secondly, focusing on solutions that will proactively go beyond detection and into actuation to achieve the right outcomes is a great place to start.

But how do insurers harness IoT in a way that benefits everyone and makes infrastructure investment sense?