U.S. deal is part of insurer’s customer-first approach to home insurance
Exclusive relationship advances American Family’s continuing effort to provide comprehensive prevention and protection for customers
Madison, WI (Apr. 4, 2019) – American Family Insurance is partnering with innovative U.K. start-up Neos to bring a unique product offering to U.S. customers, helping proactively protect their homes using smart home technology and related products and services. This exclusive relationship, the first of its kind for a U.S. insurer, advances American Family’s industry-leading, multi-year effort to provide comprehensive prevention and protection for homeowners.
“This value-added approach aligns with American Family’s strong customer focus on proactively protecting customers,” said Andy Kearns, state product director at American Family. “It’s one thing to be there for customers to provide payment after an unforeseen event, but another to help prevent a major incident – which benefits us both.”
Neos launched its own smart home insurance products and services across the U.K. in 2016 and has since expanded through partnerships with carriers in the U.K. and the Netherlands, including Aviva, a U.K.-based global multiline insurer, and a majority owner of Neos.
“Our U.K. launch helped us fine-tune the products and services, and most importantly the customer experience that American Family will offer in the U.S.” said Matt Poll, CEO of Neos. “Technology is the cornerstone in moving insurance companies away from being a payout industry to one that can help prevent claims. We’re pleased to help bring that to U.S. customers.”
Later in 2019 American Family Insurance will launch this smart home and protective services offering in Arizona and Washington.
About American Family Insurance
Based in Madison, Wisconsin, American Family Insurance group is the nation’s 13th-largest property/casualty insurance group and ranks No. 311 on the Fortune 500 list. The company sells American Family-brand products, including auto, homeowners, life, business and farm/ranch insurance, primarily through its exclusive agents in 19 states. American Family affiliates (The General and Homesite) also provide options for consumers who want to manage their insurance matters directly over the internet or by phone. Affiliate Main Street America sells insurance products through independent agents. For more information, visit www.amfam.com.
Neos is the U.K.’s first smart home insurance provider that presents a new way for policyholders to insure and actively look after their home from their smartphone. Neos combines smart home technology, comprehensive home insurance, 24/7 monitoring and assistance, directly through the easy to use app.
Gaining recognition on a global stage, Neos was ranked sixth in the Top 100 Global Insurtech list in 2018, the highest-ranking UK insurtech firm, and was also ranked eleventh in the world’s 100 most disruptive brands in 2017. Since then Neos has been sweeping up awards, taking first place for Best Insurer in IoT, Internet of Things Breakthrough, the Insurance Times ‘Insurer Innovation of the Year’, and the ’Start-up of the Year’ Award.
Neos is authorized and regulated by the Financial Conduct Authority (FCA). In 2018 Aviva Ventures took a majority share in Neos allowing them to expand into retail markets. The launch of the Neos e-shop represents another step towards making preventative smart technology widely accessible.
Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers. In the U.K. Aviva is the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Its shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £331 billion in assets (as at 31 December 2018). Total group assets under management at the Aviva group are £470 billion (as at 31 December 2018).
Aviva helps people save for the future and manage the risks of everyday life; in 2017, it paid out 98% of all our claims across all its markets and insurance products. Aviva paid £34.6 billion in benefits and claims in 2017. By serving customers well, Aviva is building a business which is strong and sustainable, which its people are proud to work for, and which makes a positive contribution to society. Find out more at www.aviva.com.
SOURCE: American Family Insurance