Purple Ant’s Purpose
Purple Ant’s mission is now more relevant than ever. We help insurers improve their efficiency by applying technologies such as IoT and Machine Learning. We believe that carriers are always looking for innovative ideas to help improve insured acquisition/retention and improve loss prevention.
Why is this important?
There is no brand stickiness within the P&C industry. Right now, insureds interact with insurers only twice – once while buying or shopping for a policy, and second, when a claim is made. Irrespective of how long it takes to close, a claim is still a negative experience. Carriers are looking for ways to have insureds engage with them in a way that provides for a positive experience. Home Telematics is a great opportunity for carriers to supply that beneficial experience to both carriers and consumers.
What can we do?
Today, most carriers insure the property and not the property owner – that’s because there aren’t many ways to measure how the insured maintain their property. If they did, they could factor that into their underwriting algorithm. While devices like Nest, Alexa add-ons, and security options like ADT are all somewhat indicative of insured behavioral patterns, there is no way for the carrier to get that data. Home Telematics solves this challenge in a reliable and efficient way.
The How
What if we could incentivize the insured to activate the devices in return for credit and have the insurer deploy the devices at a cost that is less than the premium that they collect? The outcome then results in a win-win situation for all parties. Why?
It is a win for the insured because they pay nothing for Purple Ant services, while also receiving the peace of mind that their property is protected even while they are away from home.
It is a win for the insurer because it is affordable with no capital cost and a small monthly fee, which also results in higher NPS, and ultimately leads to greater retention. There is an added benefit of a reduction in damage caused by major issues, such as a water leak, since we are able to detect them in real-time and mitigate the situation immediately.
Once we have collected a lot of data, we can then feed that into a machine learning software that can further enhance the actuarial algorithms and make underwriting ‘smarter’ , and therefore more beneficial to the insured and the insurer.