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Dominic WilsonVC – Co-Founder & Managing General Partner at Pi Labs
From water sensor LeakBot to home security system Cocoon, smart devices are set to change how the insurance industry protects our homes. The need for proactive innovation against rogue devices is creating interesting opportunities for both startups and investors.
Little black boxes have already transformed car insurance, but the next frontier for the insurance industry lies in the home rather than the garage. Smart devices offer insurers the chance to collect more data than ever before about their customers’ behaviour, as well as learn about the risks and opportunities that exist in people’s domestic habits. Incentivising customers to embrace the IoT will be crucial if the insurance sector is to gain from this emerging tech.
For this reason, multinational insurance firm Aviva is already offering cheaper premiums to those who install smart sensors at home, and they’re kicking off by tackling one of the industry’s biggest concerns: water. Escape of water claims are the single biggest cost for home insurers, making up a quarter of all home claims paid out. It’s not too surprising, then, that Aviva’s first push into the world of IoT is issuing their customers with LeakBot, a smart sensor that attaches to pipes and sends push notifications to customers’ smartphones if a leak is detected.
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