| Country : | Australia |
|---|
Assignment Task
Task For home insurance in Australia, identify how Internet of Things (IoT) could materially help the customer and insurer. Identify what data would need to be collected for this to work. Identify how you propose making customers comfortable with sharing this data. Identify other challenges with this model and how you would overcome them. Instructions
1. Explore the home insurance sector in Australia and summarise your findings on the challenges and opportunities for insurers and customers. Use a SWOT analysis if needed.
2. Analyse how IoT technologies can be used in the home insurance sector to determine risks effectively and improve efficiency.
3. Research an existing home insurance product that uses IoT technologies and explain how this insurance product works and benefits customers.
4. Identify the types of data that are most relevant for an IoT based insurance product.
5. Identify the challenges that an insurer might face from customers to collect the data.
6. Provide hypothetical suggestions and recommendations to overcome these data collection challenges and make customers feel comfortable with sharing their home data.
7. Critically think about any other social, financial or political challenges that insurers might face while developing and promoting an IoT based insurance product.
8. Keeping in mind the limitations, make necessary assumptions and propose recommendations for IoT driven home insurance products to overcome the identified challenges and succeed in Australia.
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