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About Hugh Terry & The Digital Insurer

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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Nest – Smart Home Solutions to Stay Safe and Save Money

In Action Summary

Nest Labs is part of the Alphabet Inc group of companies of which Google is the best known member. Nest was founded in 2010 to revolutionize the home. Specifically, IoT enabled and sensor-driven thermostats, smoke detectors (Nest Protect), and other security systems (Nest Cam) which ultimately help improve the energy efficiency, security and the cost of home ownership. One outcome of Nest Labs’ products is the potential for property insurers to lower loss ratios through sensors that can detect property destruction in real time in addition to incentivising policyholders to take preventative measures which lowers risk and thus premiums.

It’s important to note that Google has just launched Google Home, an always-on device that can answer queries, check schedules and work with third-party smart home devices such as those from Nest.  These recent announcements from Google means that smart homes are no longer a dot on the horizon, rather, the era of IoT is here and insurers are actively looking to partner with pioneers in the field.

nest-device

Insurers are increasingly partnering with IoT enabled solution providers like Nest to reduce claims frequencies and in turn reward the customers through premium discounts

Two U.S insurers, LibertyMutual and American Family Insurance, have already partnered with Nest to help provide  policyholders with complimentary Nest Protect (smoke and carbon monoxide detectors) and other smart home devices through their Safe Home Reward programmes.

nest-woks

Ultimately, digital insurers in the property market will need to continue to broaden their IoT partnerships in order to gain a slice of the growing IoT market. Although such partnerships may seem a risky move (as the ownership of customers is held by the hardware manufacturers as opposed to the insurer), this path seems an inevitable evolution of the property insurance industry, and one that insurers certainly can’t afford to ignore.

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