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Sensor Networks shakes up insurance sector

The Internet of Things is set to rock the very foundations of South African home life. When one thinks of a ‘Smart Home’, the first thought that comes to mind is a smart fridge that can automatically place an order for fresh milk; however the data within the IoT holds a lot more potential. This potential was recognized by Sensor Networks – a South African startup that developed an IoT solution enabling insurers to optimally assess and manage certain risks in their policyholders’ homes, resulting in superior value propositions while providing value-added services.

For example, burst geysers, consequential damage and repairs are the most common geyser-related claims in homeowners’ insurance policies. These are significant given that geysers amount to approximately 50% of home insurance premiums. Sensor Networks’ Internet of Things (IoT) platform mitigates this risk by detecting when a geyser has burst and automatically stopping water flow. This eliminates the consequential-damage aspect of home insurance. Additionally, Sensor Networks’ sensors document and contextualise a policyholder’s daily behaviour with regards to water usage, electricity consumption, home frequency, shower patterns, sleep patterns, holiday patterns, security alarm behaviour and other inside-the-home insights.

With data-driven insights at its core, Sensor Networks was developed in AWS cloud. AWS solutions allowed the team to connect, collect, store and analyze device data. AWS also allows for deep functionality, spanning the edge through to the cloud and offers the required security features required for these home-based sensors.

Ultimately, Sensor Networks are creating a win-win situation. Insurance providers in South Africa are embracing the benefits of integrating the Internet of Things (IoT) into existing insurance models and systems and end-users and home owners are benefitting by saving on costs and avoiding the inconvenience of unexpected calamities.

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