In order to gain a competitive advantage in the connected home marketplace, insurers need to find more than the right partners. Carriers also need to tackle challenges associated with large increases in data, customer indifference toward smarthome technology, and regulatory and privacy concerns, writes Accenture's managing directors Cindy De Armond and John V. Mulhall

Most carriers are in the beginning stages of exploring the connected home market and need to decide what strategy to take. One such option is to partner with vendors that specialize in this technology and offer policy discounts to customers who install and maintain such systems.

Or carriers can strike out on their own: USAA has received a patent for a data recorder that can be installed in a home for observation. The device tracks temperature, wind speed and mechanical vibarations as they affect the house, as well as humidity, which can cause mold on the walls.

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