As the way we monitor our homes changes, so do the dangers we are able to monitor for remotely. (Photo: Shutterstock)
The Internet of Things (IoT) has transformed the way we live our daily lives, requiring slow-moving industries, such as insurance and home security, to kick into overdrive when it comes to innovation; we've reached a critical time when companies are being challenged to innovate new product offerings that meet the needs of the consumer.
Take traditional TV for example. The television industry was turned on its head when over-the-top (OTT) providers like Hulu Live, DirecTV Now (DirecTV), and Sling TV (Dish Network) entered the market. Customers were quickly canceling their expensive, long-term cable contracts to opt-in to a cheaper, contract-free option that also gave them the ability to watch live TV from anywhere. As OTT TV and streaming services, like Netflix, gained traction, it not only changed the way people consumed content, it also changed the development and distribution of content. Similar to the trend traditional pay-TV saw, the old school home security model is now facing consumers' demands for more value and flexibility at a much lower cost.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
