Home telematics offers a “win, win” for insurers and brokers

The ‘smart home’ has well and truly arrived. We can now use our mobile phones to connect to our cooker, television, smoke alarm and our water pipes.

We’re in a world where the Internet of Things (IoT) is slowly permeating deeper and deeper into our lives. Not only can IoT devices make our personal lives easier (we no longer have to pause the movie to check the cooking); but they’re also making it easier for insurers and brokers to mitigate homeowner claims.

Technology company Roost provides home telematics solutions for insurers to deploy directly to their policyholders. Its smart sensors, such as the Roost Smart Battery (connected smoke alarm), and the Roost Smart Water Leak and Freeze Detector are a “win, win” for everyone, according to Roel Peeters, cofounder and CEO of Roost.

“Home telematics solutions are not going to prevent an incident like a fire or a water leak from happening, but they can certainly help to mitigate a situation and reduce it from something that might result in total loss, which is devastating for homeowners and very expensive for insurers, to a much smaller and more manageable incident,” Peeters told Insurance Business.

“Our Roost Smart Battery and Roost Smart Water Leak products help customers take care of their homes and loved ones, and provide peace of mind. Connective home sensor devices will help your clients be proactive in the management of their greatest asset – their homes.”

Roost revolves around two key values: claims prevention and mitigation, and digital engagement. Connected sensor devices help agents and brokers nurture a digital relationship with clients, which leads to the peace of mind clients crave for their homes.

Home telematics solutions are also a “differentiating feature” for brokers, according to Peeters, in that they help to establish and secure relationships with clients. Smart devices allow brokers to discover potential problems like a water leak or a fire in an automated fashion and closer to real-time, which means they can check-in with clients to offer support shortly after the event rather than waiting for a client to contact them.

“We’ve partnered with a number of insurance companies who all see the benefits of tightening their relationship with the consumer,” Peeters added. “Connected sensor devices are all about peace of mind and helping customers take care of their homes.

“I think the concept of having sensors all around your home is going to become ubiquitous over the next five to 10 years. I can envision 20 or 30 sensors that could help homeowners keep a finger on the pulse of what’s going on in their homes. These devices will help people be proactive in the management of the home asset, and people will lead better lives because of them.”