Combining Telematics and the Connected Home to Launch a Disruptive Home Insurance Platform

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Home insurers are struggling to engage with customers. Customer concerns over renewal price inflation & complex non-transparent policies with difficult & outdated forms of communication, are leading to poor customer experience, low customer retention rates & profitability issues. Customers want insurance to be relevant, tailored to their requirements & to be only paying for what they need. Telematics & the Internet of Things (IoT) have revolutionised numerous industries in recent years (motor); however the home insurance industry has been slow to adopt new innovations. 'ConnectedHome systems' offer the opportunity to gain an enhanced knowledge of customers & use this info to deliver personalised insurance solutions. Research indicates a CH insurance proposition could result in a reduction in claims by 40-60% by more effectively controlling risks; & would offer consumers price reductions, better efficiency & security. Despite this, there are currently no ConnectedHome insurance products in the marketplace . Neos Ventures Ltd will complete a 12 month Experimental Development project to develop a disruptive novel ConnectedHome insurance solution that will bring the benefits of telematics to the home insurance market