The past decade has seen technology advance at a rate like never before, this coupled with upheaval due to COVID-19 has seen the way we go about our daily lives undeniably changed forever. Technology has changed the way we communicate, work, consume television, music and media, how we bank, pay bills and even date.
The rate of change has drastic impacts on all industries. It has manifested itself as new business models while upending of old ones, it has disrupted business strategy and increased customer demand. Today, customers demand change, they expect simple, transparent products and services as we adopt and embrace technology; and the strata industry is no different.
Therefore, raising the question, how is technology changing the strata landscape, and what does the future hold for the strata industry?
1. Making our buildings smarter and more secure
Undoubtedly, prevention is better than a cure. Through the application of networked and smart devices in buildings, we could achieve protection of both people and property.
There is an array of devices available in the market:
- Smart locks, thermostats and lighting – all of which can be controlled remotely on phones and devices
- Water leak detectors – sending alerts and notifications to you and your building manager before a major issue occurs
- Smart home energy – enabling the control of appliances remotely and also providing recommendations to obtain better energy efficiency and lower utility costs
- Smart garage door devices – being able to open your garage door by a fob or an app on your phone and importantly allowing you to close it remotely in case you have forgotten
2. Switching to solar and LED
As we become ever more energy conscious, society strives for environmentally sustainable and renewable sources of energy. Such demand has created revolutionary markets, initially with solar and battery storage, through to the creation of electric cars, pushing down emissions and minimising our fossil fuel footprint.
Small and simple changes can revolutionise the way we utilise energy, such as solar panels affixed to buildings to power our homes. This could be then coupled with the installation of battery charging stations to power electric and hybrid cars. Or very simply switching to LED light bulbs in common spaces and within owner’s properties. These simple steps can help reduce our carbon emission output and associated energy costs which is a win for the environment and a win for the finances.
3. Adopting Virtual Reality
The phenomenon of virtual reality (VR) captivated audiences worldwide through the smartphone game Pokémon Go. Now, VR technology can shift the way the strata industry operates. VR could simplify the sometimes repetitive and time consuming questions needed to obtain necessary building details, as the underwriter could place themselves at the scene. While this is impressive, imagine 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.
4. An intelligent automated building
Like most of us, a daily routine is commonplace in our lives. From the moment we wake, to the morning shower, our breakfast habits, the work ritual and the evening’s cooking and entertainment. Within this routine, we utilise a multitude of devices that could be both efficiently and effectively managed.
Through the collection of sensory data, our repetitive patterns can optimise the use of applications. 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.
Such sensory application can only serve to reduce accidents and unnecessary costs while increasing both your security property and comfort.
While some of the technologies may seem a distant future, some are already being used in strata properties. The momentum for change is growing and strata industry will soon be receiving the benefits.
Author: CHU Underwriting Agencies
This article was supplied by CHU Underwriting Agencies. The original version can be accessed here.
Important note: CHU Underwriting Agencies Pty Ltd (ABN 18 001 580 070, AFS Licence No: 243261) acts under a binding authority as agent of the insurer QBE Insurance (Australia) Limited (ABN 78 003 191 035, AFS Licence No: 239545). Any advice in this article is general advice only and has been prepared without taking into account your objectives, financial situation or needs. Please read and consider the relevant Product Disclosure Statement (PDS) before you make any decisions about this product. A copy of the relevant PDS is available at www.chu.com.au.