(Image source: EVRYTHNG.)
EVRYTHNG, a provider of an Internet of Things (IoT) solution called the IoT Smart Products Platform, has announced the availability of an IoT insurance solution to support insurers design and deployment of smart home insurance propositions. The insurance solution is built on an ecosystem of pre-integrated devices, including high-profile partners such as Jasco, iHome, and First Alert, and enables insurers to bypass the complexity associated with multi-vendor smart home environments, according to the vendor.
The new IoT solution enables insurance carriers to offer services under their own brand, and use any combination of manufacturer-branded or white-labeled devices, according to a vendor statement. EVRYTHNG asserts that unlike in the case of most ‘affinity’ or co-marketing programs, their solution enables insurance companies to have complete access to all real-time data, control over the device ecosystem, and a customer-facing, branded mobile app.
The vendor includes a structured Pilot Kit program including full customization services and ongoing operational support to help Insurers get to market and validate new value propositions quickly.
“The disruptive potential of the Internet of Things is already transforming the automotive and health insurance sectors,” says Niall Murphy, CEO, EVRYTHNG. “Now, home and property insurance is benefiting from the same opportunities with data from smart devices.”
“Insurers can help consumers access the benefits of smart home safety and security, apply sensory data to offer proactive, personalized services and response, manage risk more effectively, and ease administration,” Murphy adds. “EVRYTHNG gives insurance service providers an easy way to access a rich ecosystem of devices in the home to both create attractive value propositions for their customers and work at scale with data from these devices and their own systems with security and analytical intelligence.”
Curt Schacker, EVP, Connected Products at EVRYTHNG, characterizes the offering as being about providing insurance companies all the components they need to bring their own brand-led value proposition to market, including a scalable cloud platform, a curated ecosystem of interoperable devices, mobile app, analytics dashboards, and system interconnections. “Insurers can now get going quickly and easily with a staged program to pilot value propositions with customers with a specific set of devices, service, and experience, and then move to scale over time,” he says.
Ecosystem Connectivity and Partnerships
The vendor emphasizes ecosystem connectivity as an essential quality of the EVRYTHNG Platform-as-a-Service. The solution has pre-built connectors for home automation platforms such as SmartThings and Wink, and a Works with Nest-certified SDK for the Nest Cam Indoor and Nest Cam Outdoor security cameras, according to the vendor. EVRYTHNG reports that additional platform and device partnerships for the ecosystem for insurers will follow over the coming months.
“With the broad iHome Control smart home product range available within the EVRYTHNG ecosystem, Insurers can bundle iHome’s award winning Smart Monitor, Smart Plugs and Sensors into their services and access critical real-time data with features such as motion, temperature, energy consumption, humidity and appliance and lighting controls anywhere in or around the subscriber’s home,” comments Gary Schultz, Business & Product Development Director, iHome.
Keith Lashley, VP of Products, Jasco, comments, “Through our participation in the EVRYTHNG ecosystem, the broad range of sensing and control devices we produce under the GE brand are now available to insurers to monitor and respond to virtually any threat or event which can impact a home.”
“What’s most impressive about EVRYTHNG’s new approach is that they’ve thought beyond just the devices and infrastructure, all the way to the full customer experience,” comments Lee Gruenfeld, VP, Strategic Initiatives, Support.com. “Including Support.com’s advanced customer support software and services as a strategic part of this rich ecosystem allows EVRYTHNG to give insurers a crucial advantage in delivering customer satisfaction through better support and reduced customer effort.”