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4 ways how technology can revolutionise the Strata Insurance industry

The past decade has seen technology advance at a rate like never before. Undeniably, this progression has changed the way we go about our daily lives. Technology has changed the way we communicate, the way we consume television, music and media, how we bank, pay bills or even date.  
The rate of change has drastic impacts on all industries. It has manifested itself as new business models while upending of old ones, it has disrupted business strategy and increased customer demand. Today, customers demand change, they expect simple, transparent products and services as we adopt and embrace technology; and the Strata Insurance industry is no different. 
Therefore, raising the question, how is technology changing the insurance landscape, and what does the future hold for the Strata insurance industry?

1. Making our Buildings Smarter

Undoubtedly, prevention is better than a cure, and in Strata Insurance, we strive to reduce both accidents and claims by offering a superior service to the customer. Through the application of networked devices in buildings, we can achieve this; protecting both people and property.  
Envisage a situation where a flood occurs, the impact of such can transcend the property, not to mention the associated stress and costs. Then imagine a small sensory device attached to your water supply triggering anomaly alerts and notifications to you and your building manager or even Alexa or Google Home.

2. Switching to Solar

As we become ever more energy conscious, society strives for renewable approaches. Such demand has created revolutionary markets, initially with solar and battery storage, through to the creation of electric cars, pushing down emissions and minimising our fossil fuel footprint.  
Small and simple changes can revolutionise the way we utilise energy. Imagine, solar panels affixed to our buildings, renewably powering our homes, coupled with the installation of battery charging stations to power our electric car. These simple steps can only help reduce our emission output and associated energy costs.

3. Adopting Virtual Reality

The phenomenon of virtual reality (VR) captivated audiences worldwide through the smartphone game Pokémon Go. Now, VR technology can shift the way the Strata Insurance industry operates. VR could do away with the repetitive questions from an underwriter to obtain necessary building details, as the underwriter can place themselves at the scene. While this is impressive, picture its use in accident resolution. The insurer could create a three-dimensional image of the event, therefore expediting the claim process and reducing the pain felt during a stressful situation.

4. An Intelligent Automated Building

Like most of us, a daily routine is commonplace in our lives. From the moment we wake, to the morning shower, our breakfast habits, the work ritual and the evening’s cooking and entertainment. Within this routine, we utilise a multitude of devices that could be both efficiently and effectively managed.

Through the collection of sensory data, our repetitive patterns can optimise the use of applications. The application of sensors to buildings that would turn off the light that you mistakenly left on or adjust the temperature accordingly. Moreover, we could ensure that the power supply is disabled when you’re not home through to locking both doors and windows as you exit your home.

Such sensory application can only serve to reduce accidents and unnecessary costs while increasing both your security property and comfort.

Guest Author: Ian Hopkins, Lead Data Specialist, CHU