The IoT Water Leak Insurance Plan

“We are making insurance tangible,” says David Henry of Roost in the above interview. Henry was speaking to the approach that some insurance companies are taking of bundling Internet-connected devices that detect, alter and prevent accidents. With an average of 14,000 water damage incidents a day and billions paid in claims each year, this preventative strategy makes sense as a way insurance companies looking to improve profitability, while improving customer satisfaction.

And there is a consumer demand for devices that help prevent accidents, as according to a recent Parks Associates study, “51% of U.S. broadband households find a connected device that alerts them to smoke and fire highly appealing, and 41% find a device that alerts them to a water leak to be highly appealing.”

In the above video, Henry describes Roost’s WiFi-based, leak detector, which is complementary to their Smart Battery, which turns a traditional fire and smoke detector into a connected device with a simple batter replacement. He also describes how insurance companies are starting to package Roost products as part of their offerings.

[11/7/19 Update: Roost announces commercial telematics partnership with Church Mutual Insurance Company]

[5/28/20 Update: And an announcement with American National Insurance whereby they will offer free sensors to select customers]

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