The need for smart insurance
As witnessed in most industries, the market share of incumbents in the insurance industry is at risk due to the emergence of new innovative players. More and more technology-led companies with a customer-centric approach are currently entering the insurance industry, giving rise to a new age of insurance and creating a competitive threat to traditional insurance companies.
Keeping up with the latest trends within the sector and adapting to digital insurance innovations is more crucial now than ever in relation to customer acquisition and retention. User experience and personalized offerings need to be among the primary concerns of insurance companies in order to fulfill the needs of today’s customers.
It is time now for insurance companies to benefit from the possibilities of IoT technology and turn digital innovations into opportunities instead of competitive threats.
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The fast track to intelligent insurance
Building an intelligent insurance solution from scratch might seem overwhelming. You will most likely end up spending an unnecessarily large amount of time and capital on product development. To shorten the time to market of your insurtech solution, Develco Products offers you a market-ready and certified product platform. The mature platform is tested and validated in large volumes. All devices in the platform are white label products, meaning that you can add your brand and make them your own.
From the beginning of your project, you will be provided with professional technical support from our experts in wireless technology. You will also benefit from the high level of quality, competencies, and capacity throughout our development processes and supply chain.
In addition, you will get access to software development tools, which enable you to easily build your software on top of our platform.
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Personalized insurance services
Insurance solutions integrating IoT technology can be used in both private and commercial buildings. Develco Products’ product portfolio, including a wide range of IoT devices, allows you to integrate the products that fit your customers’ needs into your solution. To connect the devices in your solution, the Squid.link gateways, secure and reliable gateways, give you a great level of flexibility when designing your smart insurance solution.
With the data provided by IoT devices, you can get extensive knowledge about where damages happen in the building of your customers. Based on this data, you can optimize the profitability of your business as insurance payouts can be lowered. At the same time, you can offer your clients tailored discounts if they have a low risk of damages, making your services more attractive and helping you retain your customers. With personalized and proactive insurance offerings, you will strengthen the relationship between your company and your customers and increase the level of trust and loyalty.
Minimize damages and insurance payouts with intelligent devices
Water leaks and damages make up the majority of costs for insurance companies. With a Water Leak Detector installed in your customers’ home, water leaks can be detected as soon as they are happening, minimizing costly water damages and insurance payouts. The Vibration Sensor is useful in detecting vibration in piping, allowing your customers to quickly identify blockages that could end up causing severe damage.
With the Motion Sensor and the Entry Sensor monitoring the home or commercial building, a break-in is quickly detected, allowing for action to be taken immediately. To detect burglaries, the Vibration Sensor will notify your customer if a window is shattered.
Retain your customers
Become an active service partner in your customers’ life, instead of only being present when accidents happen, in order to drive customer engagement and retention.
Get ahead of your competition
Do not get left behind in currently emerging innovations in the insurance industry. Take advantage of the IoT to provide valuable offerings to the growing number of digitally savvy customers.
Make your services more attractive
Customize your insurance services according to your customers’ specific needs. Meet the increasing norm in customer expectations to get instant digital transactions when in need.
Lower your insurance payouts
Enable pro-active maintenance of insured items, allow your customers to detect accidents early on to help prevent costly damages, and reduce your insurance payouts.
The business developers' guide to the innovative and competitive insurtech solution of the future
Do you want to future-proof your insurance business and avoid becoming obsolete?
This guide provides you with 5 key considerations that you should contemplate when deciding to innovate your insurance business with the IoT.
Download the guide and take the first step towards turning technological innovations into opportunities instead of competitive threats.