Smart Sensor Deployment to Increase Policyholder Engagement in Norway
Roost, a leader in home telematics for property insurance carriers, today announced it has partnered with Norway’s SpareBank 1 Forsikring AS. In a strategic agreement focused on establishing home telematics capabilities and strengthening policyholder engagement, SpareBank 1 will offer policyholders a free Roost Smart Water Leak and Freeze Detector as well as a Roost Smart 9V Battery.
Serving customers across Norway, SpareBank 1 is the region’s one-stop provider of financing, savings and investment, insurance and payment services. With this agreement, SpareBank 1 shows Norwegian and European innovation leadership by leveraging the industry’s most innovative home telematics platform. In deploying Roost Smart Sensors, policyholders will be better able to help mitigate the cost and hassle of fire, smoke and water leak related claims. In addition, SpareBank 1 will be able to uniquely enhance their relationship and engagement with policyholders through the Roost solution and a co-branded mobile app.
“SpareBank 1 has successfully launched a smart motor insurance in the Norwegian market. We are now moving the smart insurance offerings one step further to include homes”, said Svein Skovly, head of innovation for SpareBank 1. “Preventing fire and water damage day in and day out benefits the clients, SpareBank 1 and the society. Insuring nearly half of Norwegian homes, we see a huge potential in the area of claims prevention. Roost was chosen as our home telematics partner after a thorough review of both European and American smart sensor offerings and suppliers”, Skovly said. “It was Roost that had the easy to use innovative technology offerings as well as the deep understanding of our evolving needs that made them the clear choice.”
The award-winning Roost Smart 9V Battery is a simple retrofit solution that transforms existing smoke alarms into smart alarms. If the alarm sounds and no one is home, a smartphone notification is delivered. The Roost Smart Water Leak and Freeze Detector is designed to sense water leaks as well as humidity and freezing temperature situations. Easily locate in places around the home most prone to water leaks such as sinks, hot water heaters, toilets and various appliances. It then delivers smartphone alerts via the Roost app to help minimize water damage and loss. These Wi-Fi enabled smart sensors don’t require a hub and set up in less than five minutes.
“Home telematics solutions have become key value added offerings from insurers to their policyholders, and as Roost quickly expands its footprint in Europe, it is gratifying to partner with progressive regional leaders such as SpareBank 1,” said Roel Peeters, co-founder and CEO of Roost. “SpareBank 1 understands the ongoing value of home telematics, and smart sensors that enhance engagement with policyholders as well as help to mitigate loss.”
Roost’s Home Telematics solutions are changing the way insurers around the world engage with their policyholders, mitigate fire & water claims and drive new business growth.
Roost is a technology company headquartered in Sunnyvale, CA. As creators of the Roost Smart Battery and the Roost Smart Water Leak and Freeze Detector, Roost has developed a unique, patented, connected platform of data sensors that deliver the ultimate in installation simplicity and the most affordable way for insurers to provide home telematics solutions. Roost’s primary go-to-market approach is through Insurance companies deploying directly to their policyholders. The effect is a reduction in claim cost expenses (fire and water perils costing $20B per year in the U.S.), as well as driving policyholder engagement through a content-rich, digital mobile app experience, impacting retention and customer acquisition. For more information, please visit www.getroost.com.
About SpareBank 1
SpareBank 1 Forsikring is fully owned by SpareBank 1 Gruppen and is one of the major players in the Norwegian insurance market. SpareBank 1 Gruppen AS is an insurance-dominated financial group and parent company of several subsidiaries that all develop and deliver products to SpareBank 1 alliance banks across the country. Some of the subsidiaries also supply products to LO’s federation and federal members through the benefit program LOfavÃ¸r.
The SpareBank 1 alliance consists of 14 independent savings banks, who cooperate on branding and providing a joint platform. SpareBank 1 is Norway’s second largest finance group in terms of assets. The alliance was created in 1996 to strengthen each local bank’s competitiveness, profitability and solvency, as well as to ensure each bank’s future independence and regional ties.