The principles of Telematics are brought into the small commercial and homeowners space with Pay-as-you-Dwell Insurance. Increase your ROI by predicting from where your future losses may occur.

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At the 2014 Consumer Electronics Show, the two ‘hottest product segments’ were wearable fitness trackers, and smart home automation technologies. Given the recent boom in Usage Based Insurance, this has attracted insurers to look into both of these technologies to see how they can craft new and innovative insurance products around them. In due time, and with the proper funding, this could lead to the beginning of the expansion into Pay-as-you-Live and Pay-as-you-Dwell; Pay-as-you-Drive Insurance customers have requested analysis into ‘SmartHome’ technologies that can leverage our existing platform, allowing them to offer in-home solutions. This would provide better risk evaluation (occupancy rate), enable faster identification and reaction to claims (water infiltration, fire, theft) and provide additional value added services to the policy owners. We are currently working with one of our leading hardware providers (shipping millions of units annually) to build a proof of concept in late 2015. For one of our clients (SGI Government of Saskatchewan Insurance), water damage alone cost $36M in claims last year or 51% of their home insurance claims. For this reason, we are analysing platforms which detect and alert indoor temperature (frozen pipes) and the presence of water in critical locations.