Global insurance consultant Willis Towers Watson is partnering with technology firm Roost to establish a claims data sharing consortium to help insurers test the effectiveness of water and fire smart home technologies.
The two companies said the consortium will be comprised of five to 10 U.S. insurance carriers. The aim is to help the property insurance industry take advantage of the Internet of Things.
The consortium will combine household data to measure the effectiveness of home telematics devices on mitigating insurance losses for water and fire, as well as increasing customer engagement.
“We’re excited that our engagement with Roost gives us a new way to help property insurers innovate,” said Doug May, senior broker, Willis Re, Willis Towers Watson.
The plan is for participating carriers to offer their policyholders a kit made up of the Roost smart 9v battery (for smoke alarms) and Roost smart water leak detectors that deliver notifications to customers’ smartphones when a suspected water leak or fire event occurs.
Willis Towers Watson will analyze the consortium’s policy and claim data, appended with Roost’s telematics data, then communicate the results to the consortium members.
Willis Towers Watson said it will draw on its experience with its automobile telematics program, DriveAbility. Claudine Modlin, director, insurance consulting, Willis Towers Watson, said the firm will apply advanced analytics to “reveal insights regarding the effect of home telematics on loss mitigation and customer engagement.”
According to Roel Peeters, chief executive officer, the consortium is an opportunity for carriers to learn “best practices for policyholder outreach and deployment of the smart home devices, which are low cost, easy to install, leverage existing Wi-Fi technology, and alert homeowners of water or fire activity through our smartphone app.”
Was this article valuable?
Here are more articles you may enjoy.