Insurers are increasingly recognizing the IoT’s potential to offer real-time monitoring of vehicles, homes, and other areas of key risk exposure. And one way they are seizing on this opportunity is partnering with emerging startups and tech giants in the space.
American Family Insurance recently partnered with Ring (an earlier investment) and Google’s Nest to offer discounts on smart home products. Progressive partnered with Censio — backed by General Catalyst and Bain Capital Ventures — and has adopted its sensor technology to measure in-car smartphone usage, driving habits, and power the Snapshot mobile app that measures when and how users are driving using their smartphones. The chart below highlights how a growing number of insurers are linking up with IoT firms.
Here’s a roundup of 10 partnerships between insurers like State Farm, Liberty Mutual, and AXA with IoT startups or tech giants including Censio, Google’s Nest, and Canary.
| IoT Firm | Insurer | Date | Description |
|---|---|---|---|
| British Gas Hive | AXA | Sep-13 | Users who bought Hive products are redirected to AXA’s website, which distributes and underwrites home insurance policies. |
| Vivint | Liberty Mutual | Dec-13 | Vivint customers are offered savings on personal auto and home insurance. |
| Withings | AXA | Jun-14 | The partnership offers AXA customers a free WiThings Pulse as well as possible insurance discounts based on usage. |
| Zubie | Progressive | Sep-14 | Zubie cutomers can see how much Progressive would charge them based on Zubie-collected driving data. |
| Misfit Wearables | Oscar Health | Dec-14 | Oscar clients receive a free Misfit wristbands that connect with Oscar’s app and pay you to walk. |
| Nest | Liberty Mutual | Jun-15 | Google’s Nest also partnered with Liberty Mutual to help offset the costs of a Nest Protect smoke detector and offer a monthly discount on homeowner insurance. Liberty Mutual has its program with Nest available in AL, CO, DE, IL, KY, ME, MN, PA, UT, and WI. |
| Nest | American Family Insurance | Jun-15 | Google’s Nest partnered with American Family Insurance for a program that helps offset the costs of a Nest Protect smoke detector and offers a monthly discount on homeowner insurance. AmFam initiated its program with Nest in Minnesota. |
| Canary | State Farm | Jul-15 | The partnership gives State Farm customers discounts on Canary products, homeowner, and renter insurance. State Farm also has relationships with ADT Pulse and Iris. |
| Censio | Progressive | Sep-15 | Censio’s sensor technology to measure driving habits and in-car smartphone usage and power its Snapshot mobile app. |
| Panasonic | Allianz | Sep-15 | The partnership connects Panasonic’s smart home monitoring and control system with Allianz’s home protection services. |
| Ring | American Family Insurance | Nov-15 | The partnership offers a financial guarantee on AmFam customers’ insurance deductibles if their home is burglarized as well as discounts on the Ring smart doorbell. |
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