If the last 12 months have shown us anything, it is that there is a fundamental change happening to the way in which people will be able to live their lives. There is no question that some homes will take longer to become adopters of new technologies. But as costs come down, and benefits become more obvious, smart homes (or at least, more intelligent homes...), will become the norm.
As is alluded to in this article from techcrunch.com, the role of the carrier will also take a significant shift. Individuals will become their own risk managers, and carriers have an opportunity to be part of this, or be left behind. This will be true across all types of risk, with the possible exception of natural catastrophes.
IoT may enable carriers to become primarily the ensurers of safety and productive use of properties, rather than just the insurers of damages should a loss occur. If IoT detects the imminent failure of a $100 compressor in a $1 million piece of equipment that prevents a $100 million business-interruption loss, an entirely new value chain is created. If carriers don’t seize the moment, outside tech firms could launch IoT platforms that already have an ingrained risk-transfer component, thereby beating insurers at their own game.