Smart insurance for a world increasingly reliant on the IoT
S afeHomes, a new homeowners insurance solution from GENRIC Insurance Company, is embracing the internet of things (IoT) to connect home devices to its insurance offering and in turn, providing insured customers with significant financial savings through improved risk mitigation and personalised premiums which are representative of each client’s risk profile.
SafeHomes allows for seamless, real-time customer transactions, policy and claims administration and broker engagement via an online customer portal, as well as highly personalised underwriting that is based on the needs, behaviour and risk profile of each customer. This not only makes homeowners insurance more flexible and accessible, but there are also significant financial savings to be realised by embracing the IoT and its mitigating impact on risk and the cost of insurance.
“SafeHomes creates an environment where consumers get to engage with their brokers and insurance products through a seamless suite of multiple digital service channels, providing quick and easy access to their product portfolio, policy documents, endorsements, claims and so on, and at the same time facilitating a high level of personal service and advice from their broker. Policy holders get to actively manage not only their insurance portfolio, but all the related home technology services in their own time, from any connected device. Essentially, by linking the IoT to insurance, we’re empowering the insured party to take greater control of their risk mitigation measures, which has a material impact of the cost of their insurance,” explains Cornel Schoeman, Chief Operating Officer of GENRIC.
How does SafeHomes work?
The introduction of utility, security and emergency management tools, interfaced to a self-service portal is at the core of the SafeHomes promise. Insured customers get to enjoy the benefits of real risk mitigation and avoidance of loss and resultant damage, self-determination, and they experience real savings through greater efficiency and smarter utility management such as electricity and water usage.
How does it work?
Transforming the customer insurance journey
“The IoT, spatial mapping technology, mobile technology and connected devices have drastically increased the data insurers can leverage across the value chain and put to work for the benefit of consumers, as well as reducing their insurance losses, all of which has a fundamental impact on the cost of insurance.
“Sensor technology has already made a big impact in the life industry if you consider how smart watches linked to health apps have driven healthier lifestyle habits, and in turn what this means for life insurance premiums, rewards programmes and customer loyalty. Telematics in vehicles has impacted driving patterns and enhanced driving behaviour. Now IoT in the home is being deployed to manage utility costs and at the same time drive down insurance pricing and claims on common perils such as burst water pipes, geysers and burglaries.
With SafeHomes leveraging the Internet of Things, we’re able to use advanced analytics to deliver more granular individual risk profiles, and that’s good news for consumers looking to streamline their costs and take ownership of their risks. We believe in leveraging transformative tech that matters to customers and adds value to their lifestyles and puts savings back in their pocket,” concludes Cornel.