Norway’s SpareBank 1 Selects Roost Home Telematics for Policyholder Engagement

The company will offer insurance policyholders a free Roost Smart Water Leak and Freeze Detector as well as a Roost Smart 9V Battery through the relationship with Roost.

(Roost Smart Water and Freeze Detector with water heater. Source: Roost.)

SpareBank 1 Forsikring AS (Oslo) has entered into a strategic agreement focused on establishing home telematics capabilities and strengthening policyholder engagement. SpareBank 1 will offer insurance policyholders a free Roost Smart Water Leak and Freeze Detector as well as a Roost Smart 9V Battery through the relationship with Roost (Sunnyvale, Calif.).

SpareBank 1 serves consumers throughout Norway as a “one-stop” provider of financing, savings and investment, insurance and payment services. The agreement with Roost aims to enhance the company’s relationship with policyholders using the Roost solution and a co-branded mobile app to help policyholders mitigate the cost and inconvenience of fire, smoke and water leak-related claims.

“SpareBank 1 has successfully launched a smart motor insurance in the Norwegian market; we are now moving the smart insurance offerings one step further to include homes,” comments Svein Skovly, head of innovation, SpareBank 1. “Preventing fire and water damage day in and day out benefits the clients, SpareBank 1 and the society.”

“Insuring nearly half of Norwegian homes, we see huge potential in the area of claims prevention,” Skovly continues. “Roost was chosen as our home telematics partner after a thorough review of both European and American smart sensor offerings and suppliers. “Roost’s easy-to-use, innovative technology offerings, as well as deep understanding of our evolving needs, made them the clear choice.”

Sensors Deliver Alerts to Homeowner’s Smartphone

Roel Peeters, CEO, Roost.

The vendor describes its Roost Smart 9V Battery as a simple retrofit solution that transforms existing smoke alarms into smart alarms. If the alarm sounds and no one is home, the battery delivers a smartphone notification to the homeowner. The Roost Smart Water Leak and Freeze Detector is designed to sense water leaks as well as humidity and freezing temperature situations. The device is designed to be easy to place around in locations most prone to water leaks such as sinks, hot water heaters, toilets and various appliances. Like the Battery, in the event of a water leak the Detector delivers smartphone alerts via the Roost app to help minimize water damage and loss. Both of these wireless-enabled smart sensors don’t require a hub and can be set-up in less than five minutes.

“Home telematics solutions have become key value-added offerings from insurers to their policyholders, and as Roost quickly expands its footprint in Europe, it is gratifying to partner with progressive regional leaders such as SpareBank 1,” comments Roel Peeters, co-founder and CEO of Roost. “SpareBank 1 understands the ongoing value of home telematics, and smart sensors that enhance engagement with policyholders as well as help to mitigate loss.”

Why Roost’s New Smart Water and Freeze Detector Matters to Insurers

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For over a decade he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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