White Paper

3 Ways a Data-Driven Warranty Model Better Protects Smart Home Technology

As connected devices flood households around the globe, consumers demand protection plans that adapt to their risk. One insurer is using data to create a more dynamic solution.

White Paper Summary

Technology has advanced in so many ways and so rapidly that for most of us, some modern-day tools seem lifted right out of a science fiction movie. We may not yet have transporters or replicators, but smart homes are the next best thing. The ability to lock doors, adjust the thermostat, dim the lights, turn on the oven or your favorite playlist from your smartphone is not only convenient, it’s simply cool.

It’s no surprise that the market for connected sensor technology is booming. According to Martech Advisor, 125 million devices will be connected through the Internet of Things by 2030, putting 15 connected devices into the hands of every consumer. According to the International Data Corporation, the global market for smart home technology is projected to grow at an annual compound rate of 16.9% through 2023, at which time more than half of American homes will be “smart” in some way.

As demand for devices grows, so does the need for extended service warranties. Much of the sensor technology in homes today is easy to damage and expensive to fix.

To learn more about AmTrust, please visit their website.

AmTrust Financial began in 1998 with a commitment to innovation in small business insurance. Since, we’ve grown into a global property and casualty provider with a broad product offering. Our company has grown, but our commitment to innovation and service remain the same.

More from Risk & Insurance

More from Risk & Insurance