Last week we attended one of the largest annual events within insurance, BIBA. This was the first major insurance event that we have attended, so we were very keen to see what BIBA had in store for us. Having identified over 9 billion IoT devices in the past year alone we were also excited to showcase our IoT device platform, Fingpedia.
Fingpedia is a crowd-sourced database of connected devices, discovered by the our 20 million Fing app users. With over 1 million scans being performed a day, our device identification platform is both the largest and fastest growing IoT database in the world.
IoT is increasing and infiltrating every industry so rapidly that it has become impossible for the insurance sector to ignore it any longer.
The reasons for insurance embracing IoT are limitless. Benefits such as improving customer service through smart, custom-made insurance policies or by creating quicker and simpler ways for clients to insure their valuables, would lead to increased customer satisfaction and loyalty for their brand.
But there are ways to in which IoT can more directly improve an insurance company’s own internal efficiency. Reducing the need for call centers, decreasing the man-hours required for creating customized policies or even helping to prove fraudulent claims are just some of the ways in which an insurer could benefit from embracing IoT.
At BIBA we met so many insurers who were excited about the possibilities within insurtech. The common problem they were facing though was not knowing exactly how to make IoT a part of their services to begin with.
We were very happy to see our IoT device identification platform drawing a lot of interest from the insurers attending the event. It was great to not only show them what our insurtech solutions could do for their business, but also brainstorm with them all the possibilities of our Fingpedia database.
One of the key areas of our software that insurers were most interested in was developing smart home centric insurance services. With our IoT device platform insurers can integrate Fing’s device recognition software into a custom-made app for their customers. This app would instantly recognize every connected device within the home and give them the option to insure that item, thus allowing insurers to create very flexible and personal policies at the click of a button. As Fingpedia recognizes any device connected to the homeowner’s Wi-Fi, this software would also allow insurers to prove fraudulent claims on missing connected devices.
A second area of interest was the possibilities of cyber security for SME’s……
Overall BIBA was a very exciting show for us here at Domotz. It was great to see so many people interested in what we have been working on, particularly as it has only been a year since we joined Startup Bootcamp’s Insurtech accelerator programme! It is an exciting time to be a part of such a rapidly developing industry.
The best thing about our IoT device platform (if we do say so ourselves) is the flexibility of it. There are so many possibilities with our insurtech solutions to fit a large variety of business needs.
If you would like to know more about how our IoT device platform could work for your business get in touch with our team today.