ROC Connect: “IoT and Smart Home will be a Game Changer for Insurers
ROC Connect offers Smart Home as a Service (SHaaS) and delivers turnkey solutions to insurers. These solutions include smart home products and services that make homes safer, more efficient and easier to manage. For insurers. The new Home Safety Kit provides insurance companies with a simple, low cost way to protect homes from fire, flood, and frost. Sensors in the kit deliver instant alerts to home owners or emergency services and customers can add a broad range of other smart home and IoT devices including home automation. ROC Connect is providing the home safety kits and services as a white label solution to insurance providers wanting to exploit the IoT and use data to mitigate risk, reduce claims, improve customer engagement, and generate new revenues.
Reinventing Risk Assessment
ROC Connect are focused on leveraging the value of data from devices and believe they can reinvent the way risk is measured. They are working to take the data that insurers have traditionally used to quantify risk and assess pricing. This includes information about the customer (credit risk, history of claims, etc), the property (type, size, cost of rebuild), and the location (weather, local hazards, etc) and combine this with the data gathered from smart devices. They believe that the mix of data from the devices in the home, the services the customer use, and information on consumer behavior will give much deeper insights that will improve risk assessment assessments.
Improving Consumer Engagement
ROC Connect believe the major benefits from the smart home will come from improving consumer engagement. To help both the insurance company and the consumer, they are mixing the traditional risk data with device data to create a Safety Score for properties. Like a credit score, the Safety Score will give the insurer information to identify their level of risk but, equally important, it can help both the insurer and the consumer to identify the best way to reduce risk. In the US, ROC Connect is working with one of the world’s largest property data companies to develop this capability. ROC Connect measures, monitors, and gives weightings that help insurers with their risk assessments but they also use the system to give consumers personalized advice. For example, given the knowledge they have about the property they explain the big risk areas to consumers so that, if the plan to spend money to make their home safer, they can target the things that deliver the best return.
Why we selected ROC Connect for DIA Amsterdam
We selected ROC Connect because they are focused on solving a problem for insurers. The IoT and smart home presents both an opportunity and a threat to insurers and their approach, partnering insurers with managed services and turnkey solutions for the smart home, can help the industry.
Who are ROC Connect
The Company was formed in 2012 in Silicon Valley by serial entrepreneurs, Marcus Scheiber and Matias Poupin. Marcus was founder and CEO of a geo-spatial software business based in Austria and Matias was the founder of a mobile telecoms business in Chile. They met on the Stanford University Executive MBA program in CA and saw how the Internet of Things (IoT) could be leveraged to reinvent many traditional businesses using Cloud platforms. The company has quickly established itself as a leading provider of SHaaS with offices in Vienna, Santiago, and Palo Alto. ROC Connect has already launched a complete connected home suite of products and services with a major retailer in South America and are growing in North America and Europe.
Marcus Scheiber, CEO ROC Connect
Presenter: Kevin Meagher
Presenter: Albert DeCillia