Panel at ITC London: What UK home insurers can learn from Nordic IoT innovation

The UK home insurance market has been unprofitable overall for six years, according to EY, due to competitive pressures on pricing and claims inflation. At the same time up to 50% of claims are avoidable, meaning a return to profit is possible. This panel explores how.

Onics develops IoT-solutions that help insurers prevent avoidable losses and improve the performance of their portfolios. Our technology is used by leading Nordic insurer If and brought to market by Nordic Home Safety services provider, Ohma (formerly Viking Guard). This solution drives down claims volumes and costs, boosts underwriting insights and increases customer loyalty- supporting insurers’ return to profit.

• Reactive to proactive insurance: By offering solutions to prevent damage the insurer takes a position as a proactive partner that provides the customer with more than coverage.

• Loss prevention – Onics’ IoT solution prevent or limit customer damage through connected solutions for water leaks (the most-costly issue), fire, and burglary protection

• The power behind AI – IoT sensors collect and structure high-quality sensor data that can feed into insurers’ AI models for predictive risk and claims analysis, and better insurance pricing.

• Boost customer loyalty - hear how If Insurance and Ohma have successfully used their solution to improve customer loyalty and differentiate the insurance offering in the market

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