You could soon save hundreds on home insurance using Insurtech

Ben Tosi

Monday 09 October 2017

Home insurance customers could make savings of up to $221 per policy if they’re willing to welcome the new Insurtech movement, according to Juniper Research.

Home insurance customers could make savings of up to $221 per policy if they’re willing to welcome the new Insurtech movement, according to Juniper Research.

The research revealed that the number of home insurance policies utilising Insurtech is set to grow by almost 8% per year, meaning that a staggering 86 million policies across the world will feature insurance technologies by 2022.

A popular feature of these policies are smart home technologies, such as leak sensors, which can decrease the likelihood of incidents, making your home less of a risk to insure and bringing down your insurance costs.

RELATED: Are third-party bond loans about to shake up the Australian rental market?

But it isn’t just financial savings to be had, with insurers and consumers alike in line to save a whole lot of time by adopting Insurtech platforms.

According to Juniper, AI underwriting of policies is another huge factor behind the Insurtech surge, while AI claims handling is set to save insurers almost 5 million hours a year.

Mozo Experts Choice winner Allianz, currently leads global investment through its AllianzX brand, but it turns out that consumers are also keen to get in on the surging Insurtech craze.

RELATED: Hot summer ahead: a timely reminder to check your home insurance

In September the World Insurance Report, authored by Efma and Capgemini, revealed that at least 31% of us already use Insurtech companies, either exclusively or in conjunction with our more old-school, traditional insurers.

Efma Secretary General, Vincent Bastid, hinted that big insurers will need to invest or collaborate with Insurtech companies if they want to keep up with customer demands.

“The continued reliance of consumers on digital technologies that support mobile apps, social networking, on-demand services and the like makes it clear that the mass market has entered a new phase,” said Bastid.

If you’re keen to save on your home insurance policy but don’t know where to start your research, check out Mozo’s recently released Experts Choice awards for home and contents insurance.

Three tips when comparing home insurance

  • Don't necessarily choose the cheapest: We all want to save when it comes to insurance but considering we’re talking about your actual home, it is important not to skimp out on essential features. Designate a budget
  • Read the fineprint: Tedious, boring but absolutely crucial! Make sure you’re aware of what is excluded and what your caps are for certain aspects of cover so you’re not caught out in the event of an accident. 
  • Research like a seasoned academic: Don’t just hop from one insurer’s site to another. Make the most of tools like Mozo’s dedicated comparison tables to find a great value policy for you

Back to top