Arlington, VA (June 1, 2017) – Willis Towers Watson, a leading global advisory, broking and solutions company, has announced it has entered into an agreement with Roost, an innovator in smart home technology. The two companies intend to help the property insurance industry take advantage of the Internet of Things by establishing a Home Telematics Consortium comprised of five to 10 U.S. insurance carriers.
“We’re excited that our engagement with Roost gives us a new way to help property insurers innovate,” said Doug May, senior broker, Willis Re, Willis Towers Watson.
The consortium will combine household data to measure the effectiveness of home telematics devices on mitigating insurance losses for water and fire, as well as increasing customer engagement. Carriers will offer their policyholders a kit made up of the Roost smart 9v battery (for smoke alarms) and Roost smart water leak detectors that deliver notifications to customers’ smartphones when a suspected water leak or fire event occurs. Willis Towers Watson will analyze the consortium’s policy and claim data, appended with Roost’s telematics data, then communicate the results to the consortium members.
“Leveraging our experience and success with DriveAbility® in the auto telematics space, we’re eager to apply advanced analytics to reveal insights regarding the effect of home telematics on loss mitigation and customer engagement,” said Claudine Modlin, director, insurance consulting, Willis Towers Watson.
“The consortium offers an exclusive opportunity for carriers to quickly attain statistically meaningful insights in home telematics with a minimized investment,” said Roel Peeters, chief executive officer, Roost. “Carriers will learn best practices for policyholder outreach and deployment of the smart home devices, which are low cost, easy to install, leverage existing Wi-Fi technology, and alert homeowners of water or fire activity through our smartphone app.”
About Willis Towers Watson
Willis Towers Watson (NASDAQ: WLTW) is a leading global advisory, broking and solutions company that helps clients around the world turn risk into a path for growth. With roots dating to 1828, Willis Towers Watson has 39,000 employees in more than 120 countries. We design and deliver solutions that manage risk, optimize benefits, cultivate talent, and expand the power of capital to protect and strengthen institutions and individuals. Our unique perspective allows us to see the critical intersections between talent, assets and ideas – the dynamic formula that drives business performance. Together, we unlock potential. Learn more at willistowerswatson.com.
Roost is a technology company headquartered in Sunnyvale, CA. Creators of the Roost Smart Battery, Roost Smart Smoke Alarms and the new Roost Smart Water Leak and Freeze Detector, Roost has developed a unique, patented, connected platform of sensors that deliver the ultimate in installation simplicity and the most affordable way for insurers to deliver Home Telematics solutions. For more information, please visit www.getroost.com.
Source: Willis Towers Watson