An experienced IT professional has shared some ways the strata insurance industry can keep pace with fast-changing technology and increased consumer demand.

Ian Hopkins, CHU’s lead data specialist, urged the strata insurance industry to adopt and embrace technology as he tackles how technology is changing the insurance landscape and its potential impact to the industry.

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Making 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,” Hopkins said. “Through the application of networked devices in buildings, we can achieve this; protecting both people and property.”  

The use of a small sensory device attached to the water supply, for example, can trigger anomaly alerts and notifications to homeowners or building managers, enabling them to address the issue before it gets worse.

Hopkins said sensory devices can also be used for managing people’s daily routines and in the process, help reduce accidents and unnecessary costs while increasing both their comfort and their property’s security.

“Through the collection of sensory data, our repetitive patterns can optimise the use of applications,” Hopkins said. “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.”

Switching to solar

Hopkins said increased demand for renewable energy approaches has created revolutionary markets, from solar and battery storage to the creation of electric cars, helping reduce emissions and fossil fuel footprint.

“Small and simple changes can revolutionise the way we utilise energy,” Hopkins said. “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.”

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Adopting virtual reality  

Hopkins said VR technology has the power to transform how 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,” he explained. “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.”