Insurance companies partner with smart device makers and offer discounts to clients installing various types of IoT detectors (intrusion alarms, water leakage and smoke detectors, etc.). Doing so, they merely replicate, with modern and cheaper mobile technologies, what the industry has been doing for decades (i.e., tariff differentiation) in function of the level of risk protection installed by clients.
Goals and Objectives
Insurers can create their own digital platforms or join other digital platforms. Partners originating from different sectors of activity (e.g., maintenance, gardening, condo management, real-estate agencies, electro-domestic appliances vendors) can each offer their specific connected products and services to predetermined market segments, in an integrated way with the others and aim at covering the needs of a market segment at 360 degrees.
Insurers, on top of insuring the individual risks of customers on the platform (e.g. homeowners, renters), cover the risks of the partners on the said platform (e.g. general liability, product liability,).
IoT, API architecture, Big Data, Mobile technologies, Cloud, Advanced analytics, Cognitive technologies, Next-gen security, Digital platforms
Use Case Summary
Customers find on the platform a set of products and services all related to his home-related needs. Whatever customers buy online is automatically or optionally covered by the insurer. The insurer sells its own line of products and services on the platform. The insurer offers/sells personalized risk prevention services to clients using data generated by customers’ IoT devices on the platform.