InsurTech to launch policies based on smart home devices

Hero labs has launched a home insurance company that rewards customers for owning smart home devices.

The InsurTech, called Hiro, will offer discounts on policies to those who have invested in technology that can use sensors and predictive analytics to reduce the risk of damage to their homes and devices.

Devices that are included in the discounted premium scheme include cameras, video doorbells and smart leak detectors, which homeowners and renters can use to prevent some of the most common causes of damage to their home environment, and benefit from cheaper insurance premiums at the same time.

Policyholders can get a discount of up to 25 per cent using smart devices they already own, and purchase more technology from a discounted in-app marketplace to further protect their home.

Hiro said it will use machine learning to settle claims in seconds and automate simple tasks on its platform, creating a customer experience that is closer to modern on-demand services than a traditional paper-bound insurer.

Hero Labs chief executive Krystian Zajac said: “Not a lot of people know this, but insurance was originally about working together to stop bad things from happening.

“The first professional fire service was a home insurance company - they would literally come to your house and help you put the fire out,” he explained.

The service is expected to launch later in 2020, with a waiting list already open.

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