Insurance Carriers - Are You Doing This?

The adoption of IoT within homes has captured the attention and imagination of the market and has led to new entrants trying to establish a footprint within the 'Smart Home' space. However, they face deterrents due to the incompatibility of these devices with one another, multiple wireless communication options, as well as 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 homeowner to understand and effectively use these smart devices resulting in a low adoption rate.

 These constraints faced by homeowners have also resulted in the inability of insurance carriers to effectively leverage their advantages. While there are obvious advantages, such as a 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 to 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 frictionless 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 homeowner is immediately alerted about a possible alarm event either through messages or e-mails, based on their preference, thus allowing them to respond immediately and limit the damage. The interactions through the mobile app allow the ability to disable the sensors discreetly and also communicate any false alarms if they occur. Purple Ant will also supply the homeowner with 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 and most efficient option to the end consumer via a subscription-based pricing mechanism. This results in a win-win scenario for both carriers and homeowners. Carriers benefit from savings gains through the reduction in claims and increase in retention, whereas homeowners 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’, and leave their insurance worries behind.