Insurance Carriers - Are you doing this?

Adoption of IoT within homes has captured attention and imagination of the market and has led to new market entrants trying to establish a footprint within the 'Smart Home' market space. However, they face deterrents due to the incompatibility of these devices with one another, multiple wireless communication options and a complicated setup process. The customers are further exasperated by the high up-front device costs and lack of effective post-purchase support.

 This has resulted in a relatively high 'technology barrier' for an average home owner to understand and effectively use these smart devices resulting in a low adoption rate.

 These constraints faced by home owners have also resulted in the inability of insurance carriers to effectively leverage its advantages. While there are obvious advantages like reduction in claims that can result from a calibrated water and fire detection system, carriers have been frustrated in their attempts due to the lack of active adoption.

 New business models need to evolve that address these challenges.

Purple Ant offers a unique solution by becoming the ‘smart device’ partner offering managed services in collaboration with enterprise stakeholders like insurance carriers and property management firms for rental properties.

 This is achieved by enabling the end users to have a truly friction-less experience in setting up and using their device ecosystem. This begins with the pre-configuration of sensors so that users do not need to. The home owner gets immediately alerted about a possible alarm event either through messages or e-mails based on their preference, thus allowing them to respond immediately and limiting the damage. The interactions through the mobile app allows disabling the sensors at discretion and also communicate any false alarms if they occur. Purple Ant will also enable the home owner easy access to a supporting ecosystem of plumbers and handymen if they need it.

 We address the high upfront device costs by adopting a technology agnostic hardware ecosystem that provides the best of the breed software to the end consumer via a subscription based pricing mechanism. This results in a win-win scenario for both carriers and home owners. Carriers benefit from savings gains through reduction in claims and increase in retention whereas home owners have an easy-to-use smart home system with no out of pocket expenses.

 In short, by acting as a managed services partner, Purple Ant allows the homeowners to evolve their ‘Smart Home’ into an ‘Intelligent Home’.

Pankaj ParasharComment