After the costliest year in insurance history, reducing claims has become a central focus among P&C firms. By embracing the latest technology and innovation, firms are taking extensive measures to prevent property damage and reduce costs. Liberty Mutual has emerged at the forefront of this effort in 2018, employing smart home technology in its new home monitoring tool, Dwellbeing.
Dwellbeing, currently in pilot testing, allows homeowners to proactively monitor the “health” of their home and reduce risk, letting homeowners keep tabs on the condition of plumbing, heating, ventilation, air conditioning and other home systems and appliances. Through smart home technology, the tool prioritizes home maintenance, allowing homeowners to take preventative measures against potential damage. The data-driven platform sends clients customized mobile notifications when maintenance is required and provides tips on how to service damaged items. While the majority of smart home technology in the insurance industry is focused on home security, Dwellbeing brings the focus to home maintenance.
To use Dwellbeing, clients must create a personalized profile, answer detailed questions about their home and input information about their home systems. Expected to be fully available in the spring, the service is the most recent innovation to come in the push among P&C firms to embrace cutting edge technology. In the future, we expect Liberty Mutual to incorporate smart home systems and voice assistant technology to further integrate home monitoring.