With insurers backing and partnering with IoT focused startups such as Canary, we are witnessing a definitive shift from insurers providing the lowest priced policies to trying to proactively mitigate risk
Canary is a New York City-based startup which is revolutionising the concept of preventive risk management. Specifically, Canary has launched a hardware device based on advances in audio and visual sensors in addition to a native app that integrates with IoT enabled devices. This dual approach allows users to monitor their home in a richer way than is currently possible with alarm-based home security systems.
The use case for Canary is very simple – place it in a common area in your home, plug it into a power source and pair it to your mobile through the app.
Canary key features include the following:
- Mobile notifications with live HD video and audio.
- Quick setup (no installation work required).
- More than a camera; activate the alarm, monitor air quality and humidity all from one app.
- Automatic connection to local authorities.
Canary is currently partnering with State Farm and Liberty Mutual to give users a discount on their home insurance premium. Similarly, European insurers such as Axa and Allianz are aggressively moving into the IoT space in order to provide location-based pricing for property insurance.
Ultimately, with insurers backing and partnering with IoT focused startups such as Canary, we are witnessing a definitive shift from insurers providing the price sensitive policies to providing proactive risk mitigation services. Although, in the short term insurers embracing this approach may lose the direct customer relationship and associated benefits, the technological shift towards internet enabled objects will inevitably disrupt those who choose to prolong the status quo.
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