In the last 5 years, we have seen an immense rise in the number of Insurance Tech startups joining the insurance market.
The majority of these startups are coming to fruition on the back of investment from Venture Capitalists and big Insurers branching out and trying something new. In this post I will tell you about some of the most innovative, so make sure to keep an eye out for them kicking up a storm in the insurance industry!
Cocoon - Aviva Ventures
Aviva have backed a new startup called 'Cocoon'. Essentially, it's a security camera that uses sound wave technology to keep a watchful eye on your home.
You control the device using your phone as it sends you notifications. This then allows you to 'sound the siren or call the police' - as Aviva describe it. Having a Cocoon device installed in your home means you will save 10% on your home insurance with Zurich.
Roost - A Smart Battery For Your Fire Alarm
Roost has partnered with insurance providers to bring you an innovative piece of technology that works in a similar way to the Cocoon device.
You install one of their Smart, WiFi-capable batteries into your smoke alarm, and when it goes off you get a notification to your mobile. Roost haven't stated which insurance providers they're working with yet, but the purpose of the device is to bring down home insurance premiums.
Fitsense provides health data via wearables. It was born because scientists saw an opportunity to collect valuable data about health and lifestyle - but they weren't quite sure how.
Fitsense can integrate with your health insurance provider's data to provide your individual lifestyle data and calculate more accurate insurance premiums.
We're inspired by the technological advances in the insurance industry, and you should be too! The increase in more accurate data and analytics is beneficial to everybody and means that business can be written in the correct way.
With the increase in technology that can capture your true risk profile, the days of paying too much for your cover are coming to an end. The more data an insurance company can gather, the more policies will bear a truer reflection of the risk you pose to them.
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