Preventing Accidents From Ever Happening, Rather Than Paying For Claims, Is Why Insurance Companies Should Embrace Smart Devices And The IoT
For years, insurance industry observers have been predicting that home telematics products would transform the insurance industry by forcing carriers to take on the role of damage preventer instead of just claims payer.
Roost Home Telematics has partnered with Centauri Insurance, Farmers Protective Mutual Insurance Co., and Duck Creek Technologies to place water-leak detectors into the policyholders’ houses.
Roost has installed its sensors and devices in thousands of houses and is now gathering huge amounts of data to understand how technology can be used to reduce loss and improve service. The company expects greater cooperation from the customers since their data will be analyzed independently.
Roost’s debut product was a lithium-based Smart Battery that comes with a chip which will notify alerts to smartphones. The company later added a smart smoke alarm, water leak and freeze sensors, and garage door sensors. While the company initially sold its products to the customers, they later figured working with insurance companies would be much more helpful.
After the partnership with Centauri Insurance, Roost water-leak detectors would be installed at 2,500 policyholders’ houses and priority will be given to those who have already suffered water damage previously. The company expects the demand for tech-based assistance to grow as homeowners grow more familiar with the tech.
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