“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.