IoT-powered home insurance launched

UK-based Neos says smarthome tech may lower premium costs.

For years, auto insurance providers have offered customers a simple way to lower their insurance costs via ‘black box’ tracking devices. Now UK insurance start-up Neos is working to bring the same savings to home owners’ insurance through smart tech.

By installing a variety of internet of things (IoT) sensors throughout home, the company and the homeowner alike, can monitor situations for break-ins, fire or water damage, and more. If problems can be cutoff through early detection, the cost to the insurance company and the inconvenience to the homeowner can both be reduced.

There are pros and cons to Neos’ insurance offer. First, in addition to the potential for lower premiums and the opportunity to spot things like a burglar before the damage is too severe, the sensor setup serves as a smarthome hub that homeowner’s can control via the app. Also, the app allows homeowners to follow through with covered repairs right through the app, rather than trying to connect the service provider with the insurance company.

Internet-connected sensors and machine learning are at the heart of the Neos offer.

IoT security issues

Unfortunately, the IoT space has been fraught with security flaws, leaving the doors to your home virtually wide open to a hacker. Without proper security, additional devices can not only be hacked through typical means like unsecured Wi-Fi routers and connected devices, but also through the insurance company if their protocols aren’t the strongest.

Cybersecurity cover?

While Neos is certainly a game changer just by the way they’re working to make insurance better for those homeowners who are safe and on top of things at the house, hopefully the company also offers cybersecurity insurance in the event a data breach of either their servers or your Neos-supplied connected devices.

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