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In a rapidly evolving world, technology has emerged as a primary driving force, hauling the UK into the future.
According to GreenMatch, the percentage of UK households with Smart Devices is expected to climb to 7.2m properties by the end of 2024. This is a respectable 24.4% of the UK household population.
By the time 2027 wraps up, GreenMatch predict a staggering 50.2% of UK households will possess at least one Smart Device.
Some popular devices include smart thermostats, smart meters, entertainment devices, virtual assistants and security systems.
Smart home devices like the above have evolved past being a nifty gismo to have in one’s home, becoming an enhanced, crucial item for a household to have.
In 2023, there was a 20% rise in present home security systems as homeowners continue to safeguard their safe spaces.
A Consumer Insight survey conducted by Statista revealed 32% of respondents have smart technology for building safety and security. These devices include smoke detectors and connected cameras.
For advisers, these figures and the pattern of growing technological implementation in homes around the country make for a perfect touching point in your business strategy.
For example, if you’re offering home insurance as a bolt-on to a mortgage product or life insurance, reminding your clients of the benefits of security systems and other similar technology keeps them safe from threats.
Ultimately, this helps you to make informed decisions in your clients’ best interests and lets you craft a home insurance policy that truly fits their every need.
It’s not just technology in homes that’s advancing at an astonishing rate, with online systems providing a more enhanced experience for advisers and their clients.
Revolutionising and transforming traditional methods, data has never been more prominent than it is today with its involvement in the home insurance process.
This capability provides pricing calculated at a more granular level and aims to deliver the best results for consumers across a wide range of postcodes.
Working on a unique address-by-address basis, clients have access to more accurate policy quotes based on their actual property, rather than a general postal area.
Enhanced auto-population and information on an individual property basis further improves accuracy around risk profiling to influence quote price.
Gathering a host of risk attributes from property address alone, in-depth data works to support you and your clients by auto-populating an essential part of the GI quotation. Platforms such as The Source & Source Go utilise this technology to make the experience quicker for all involved.
Statistics and Business Management
Utilising systems such as The Source allows advisers to access client progress for re-engagement of the sales process, insights into business performance for specific periods and a general improvement on your typical business management technology.
Advisers can view essential client data, track policy status and manage renewals all in one space. This all helps to empower advisers and give them the tools to enhance their services, as well as providing clients with quality home insurance products.
Implement the topic of technology into your conversations and recommend your clients different ideas for how they can harness technology as security measures for their home. Offer them that extra piece of mind that accompanies a comprehensive insurance policy.
This holistic approach goes hand-in-hand with modern quotation systems that enhance your presence as an experienced adviser capable of providing the best solutions for their clients.
Register to use The Source today and start utilising our technology to create a better future for your clients.