UK Sky Media moves into home insurance
The aim for a lot of insurers is to move into connected insurance.
Sky Media (a broadcaster / media company in the UK) is moving into selling Home Insurance which will be underwritten by Zurich. Sky has also purchased Neos from Aviva - this smart home technology whilst unknown actually boosted home insurance products for Aviva, and shows the value of connected technology.
Interesting move by Sky as it battles against the streaming giants for revenue - along with Tesla and Amazon, we are seeing some new entrants into the insurance market who engage well with consumers and are rapidly monetising those relationships in different ways.
To serve customers in an evolving digital landscape, carriers are building up their non-traditional distribution models and fully digital ‘insurance-as-a-service’ offerings. It is estimated by PWC that around 50% of carriers are already considering retail groups, utility groups and wider service and manufacturing organisations to bolster their distribution channels and ways to market. First movers will clearly get an advantage in speed but this should not be done without consideration of a unified data view that is aligned to risk-appetite, enables a proper customer intelligence view of new business and markets as well as delivers a clear understanding on the risk of future losses through richer claims propensity modelling across these new channels.0
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