IoT and Artificial Intelligence insurance products come to market
All the talk about Internet of Things (IoT) and Artificial Intelligence (AI) might seem light years away from the day-to-day business of running your insurance agency, but the future is upon us. Agency Checklists reports on two related insurance initiatives that are hitting consumer and business markets now.
Travelers teams with Amazon
The first, being billed as "the insurance industry’s first-of-its kind digital storefront on Amazon" has been launched by Travelers. Right now, it is only available to Travelers' customers with homeowners policies in the states of California, Colorado, Missouri and Wisconsin, but there are plans to introduce it more widely.
The new storefront will offer smart home kits that include IoT devices such as security cameras, water sensors, motion detectors and a smart home hub that connects the smart devices wirelessley. For an added cost, customers can arrange for professional installation through Amazon.
Kit buyers qualify for:
- Discount on the price of the kits
- A free Amazon Echo Dot
- Discount on home insurance
- Integration with Alexa for "Travelers skills" to offer access to Travelers homeowner maintenance tips and, for policyholders, account services to help you manage a policy.
Consumers who start a home insurance quote via will be directed to one of the insurer's independent insurance agents.
It's worth noting that harnessing Alexa marks a use of a conversational AI chatbot for insurance servicing.
Chubb and Hartford Steam Boiler
Chubb has announced that it will be offering Internet of Things (IoT) technology installation in its insured homes and businesses. The IoT devices will include sensors to monitor for a variety of potential "waiting to happen" claims, such as water leaks and changes in temperature, humidity, vibration and water pressure that often occur after being left undetected. The initiative is part of Chubb's ongoing commitment to digitization of its insurance products and services. Current digital capabilities "range from simple easy-to-apply consumer and business insurance plans offered through digital channels and partnerships to artificial intelligence-enhanced decision support of underwriting and claims."
According to the Chubb press release:
In a program with a segment of Chubb Personal Risk Services clients, IoT sensors for early water leak detection will be installed in their primary and secondary homes. The program is made available through HSB's partnership with GROHE, the world's leading provider of luxury fittings for kitchens and bathrooms, and the sensors are powered by the GROHE Sense Guard system, an intelligent water security system that detects water leaks, alerts the homeowner and shuts off the water supply automatically to prevent severe damage to the home.
In two other programs, advanced IoT sensors that monitor temperature, vibration and humidity changes, powered by HSB's Sensor Systems, will be installed in clients' homes to help prevent damage to valuables such as fine art and wine collections, and, on the commercial side, in businesses and entities with environments sensitive to these factors.