Why do I believe that the time for property telematics is now?
In the month of July 2018, I had a conversation with my Insurance provider (home and auto). They were pushing an auto telematic device to me to save $50 in premium. I asked what will they do with the data and what kind of data would they be collecting. The answer was 'my driving record'. Did that mean they would know how many times I kind of stopped but not completely at the Stop sign? Yes, they said and based on that they will recalibrate my premium upwards or downwards after 6 months. I said thanks but no thanks - I did not want that kind of data anywhere including a cloud.
But I asked if they had something for my home. I wouldn’t mind deploying something to protect my home from water damage, fire etc if that brought the premium down. After all that data if its real-time would help me prevent damage to my property. Win-win for me and insurer as they get to save on a claim. They said 'Sorry'. And that bugged me. Why wouldn’t a carrier offer me something for safety and protection especially if it helps them in long run? That feeling is what made me start Purple Ant because its a matter of time before carriers realize that by offering this device they are building a positive relationship with me. This feeling is what will prevent me from shopping for another carrier at the time of renewal and that’s why I think the time for home telematics to go mainstream is now.
Of course, at Purple Ant we have created a business model that helps carriers with creating this retention/risk mitigation play – just ping me to explain why what and how.