Intact became the latest insurer to invest in a smart home startup joining Liberty Mutual, USAA, AmFam and others.
This week, Intact, the largest P&C carrier in Canada, became the latest insurer to invest in a smart home startup – water and flood monitoring company Alert Labs. The investment comes after Canada’s third largest home insurer, Desjardins, recently announced a partnership to provide free Roost smart water leak detectors to policyholders to sign up for the Desjardins Insurance Home-Auto or The Personal app. Roost is backed by USAA.
Smart home startups backed by insurers have seen mixed success. AmFam Ventures-backed Snupi Technologies sold its WallyHome sensor technology to Sears before shutting down at the end of 2015. Smart doorbell Ring, also backed by AmFam, was last valued at over $430M in its latest fundraise according to CB Insights data.
Here’s a look at strategic investments by insurers in smart home companies. Other investments include August Home and Notion by Liberty Mutual Strategic Investments and Aviva Ventures investment in Cocoon Labs.
Update (8/25/17): The chart below reflects new investments by Aviva Ventures and Desjardins Insurance in Roost.
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