A property/casualty insurer wants consumers to be able to easily locate and protect all of their tech devices with one app rather than having a warranty or service contract for each device.
Specialty insurer AmTrust Financial Services launched its new product, TapSafe, at the CES show in Las Vegas this week.
TapSafe is a smartphone app and platform that helps consumers automatically find, identify and protect all of their connected devices including phones, tablets, smart home hubs, wearables and more. The new product, developed by AmTrust Innovation, the innovation arm of AmTrust Financial, allows users to buy warranty protection and technical support for any connected devices.
TapSafe’s automatic connected device discovery technology is being offered in partnership with Fing, a network security and detection app.
Warranties on devices detected by the TapSafe app are backed by AmTrust, a warranty insurer covering over $1 billion in warranty insurance premiums annually.
TapSafe protects connected devices including smart TVs, connected thermostats, smart speakers, hubs and network routers against power surge, mechanical breakdown and accidental damage. Customers have access to live on-demand technical support and in-person installation services from a nationwide installation network.
AmTrust offers a white-label version of TapSafe and other revenue-sharing opportunities for e-commerce sites and other businesses wanting to offer the program.
According to a survey by AmTrust, nearly three-quarters (74 percent) of U.S. households have more $2,500 worth in connected devices and 50 percent have had a device damaged or malfunction in the past year. Even more devices were bought this past holiday season, AmTrust says. The majority of its survey respondents anticipated buying at least two additional connected devices for friends, family or themselves.
Paul Leahy, president of AmTrust Innovation Labs, is bullish on the product, claiming said that “with this kind of technology and a partner like Fing, AmTrust will be an industry leader in providing customer focused-solutions to traditional insurance and service contract businesses.”
Dominico Crapanzano, CEO of Fing, said his firm’s connected device recognition software will mean the “customer can identify devices in real time and customize the protection level they desire through the TapSafe app.”
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