Reinsurance News

USAA joins Roost’s smart-home telematics program

21st March 2019 - Author: Matt Sheehan

USAA, a provider of insurance for U.S military personnel, has joined the Home Telematics Program (HTP) of Roost, a California-based company that specialises in smart-home technology.

smart-home-technologyOperating in partnership with broker Willis Towers Watson, the HTP applies advanced analytics to produce insights regarding the effect of home telematics on loss mitigation and member engagement.

As a participant carrier in the HTP, USAA members will receive smart sensors for installation in their home, which can deliver notifications via a mobile app whenever these sensor alerts are triggered.

As insurers leverage more telematics technologies their loss ratios should come down, meaning their reinsurance providers may face fewer or smaller claims from certain sources of attritional loss.

“Roost has been operating in the IoT and home telematics space for some time,” said Jon-Michael Kowall, Assistant Vice President of Product Development and Innovation with USAA.

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“Roost understands we are always looking for new ways to reach our members and deliver trusted insurance products that make for a lifelong relationship,” he added. “The HTP offers a fantastic opportunity to deepen our insights and expand understanding of our members’ needs.”

Roel Peeters, Chief Executive Officer at Roost, also commented: “The HTP offers an industry group of 5-10 carriers an accelerated way to gain improved insight into home telematics and the related data.”

“We are excited to have USAA, a pillar of the US insurance industry, join the HTP as an early participant. By combining the data of all HTP participants, we will achieve statistically significant insights regarding the impact of smart sensor devices in homes,” he continued.

“In addition, carriers will learn best practices for policyholder outreach and deployment of smart home devices, which are low cost, easy to install, work with existing Wi-Fi, and show great consumer value by alerting homeowners of water or fire dangers through our smartphone app.”

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