Not so long ago, Azoud Said (on the left on the picture above), an entrepreneur and IT developer, met fantastic people during the startup weekend “Molengeek”. They developed an innovative idea using IoT data from smart home to create a personalized insurance policy. They won the ‘Best Technological Project’ award which entitled them to join the MIC Boostcamp with their project “asas”.
Business Insider Intelligence estimates there will be nine billion IoT (Internet of Things) devices worldwide by 2018. This Internet connection into essentially any physical object will have some important implications for the insurance companies over the next decade. They will encourage you to take risk management by leveraging IoT. Ultimately, that could mean saving a big amount of money. This is the concept of “connected coverage”.
Why asas’ solution?
What if your walls could tell you they are losing heat, or your roof could report a potential leak before a storm hits? What if you could catch a leak under the sink before a pipe burst? Or what if your stove could automatically shut off if you leave home, or your sprinklers turned on if there was a fire? These are typically the kind of situations where asas’ solution gets very useful.
They help you keep tabs on home maintenance before a small issue becomes a big problem and create a new relation with your insurance to personalize your insurance policy.
As IoT continues to explode, so does the pool of data to which insurers will have access. Accenture found that 78 percent of insurance customers would be willing to share personal information with their insurance companies in return for benefits like lower premiums or faster claims settlements.
This is exactly what asas wants insurance companies to do with its registered customers, starting with smoke detectors.
Next to this, asas will provide with the real-time data that IoT offers. This will make it possible for your insurance company to analyze new information and cross-reference it with historical information to make predictions and suggest preventative measures.
Over time, this could mean that insurance as we know it — a model built around reactive claims — could shift to a model that’s built around prevention. asas is in the vanguard of this change.
The story just begins
At the Boostcamp, asas improved their business model with the help of Ben Piquard, lead coach. After passing the semi-final pitch session, they attended workshops where they could meet experts and experience face-to-face sessions, learning much more than what they expected. For asas Team, it was an excellent opportunity to develop and to validate their minimum viable product. Their hard work finally paid since they won the Expert’s Prize at the Boostcamp’s final.
More info about asas? Surf on www.asas.tech or follow us on Twitter @asaseu
Do you want to join the team? Contact us now: firstname.lastname@example.org