Building Smarter Insurance Software with IoT Technology
When insurers can harness the power of data, new opportunities become visible and difficult challenges can be quickly resolved. That’s why we are proud to announce our partnership with Xperanti, Malaysia's first nationwide IoT network provider.
It’s our shared belief that insurers can significantly reduce costs and generate additional revenues when they can leverage data to develop a new service or business model. But the only way that this can happen is when insurers embrace the right technology.
"Gartner forecasts that the enterprise and automotive IoT market will grow to 5.8 billion endpoints in 2020 globally, with building automation predicted to be the segment with the largest growth rate in 2020, followed by automotive and healthcare," said Vicks Kanagasingam, COO of Xperanti IoT. "With insurance being fundamental both in businesses as well as in society, new opportunities can be unlocked via IoT where the focus is on prevention rather than cure."
Since partnering with Xperanti, we’ve successfully developed several IoT technology applications for insurance use cases. "This latest collaboration with Xperanti is a great example of when our software is integrated with their IoT technologies, we create exciting insurance software solutions that can add even more values to insurers for their business," said Tobias Bergmann, CEO of tigerlab.
It will result in reduced claims and extensive data tracking through a low-maintenance, scalable and reusable device. Now all these invaluable benefits, including easy access to the data from i2go and using the Xperanti device to track important data are here!
"Sigfox is a reliable industrial IoT network that provides valuable information to add a new layer of proactive monitoring and assessment for traditional insurance business models. For insurers, it can greatly reduce cost and risks exposure leading towards lower and fairer insurance premiums and overall, safer environments," Vicks added.
With this new partnership, insurers can leverage the tracking data for risk mitigation and management by giving specific and timely feedback to insureds on potential hazardous events. Hence, insurers can spend fewer resources on insurance claims and more resources on their important business transformation.
Here are some examples:
Connected alarms: reduce home security risks
The problem is most security alarms in the market use Global System for Mobile Communications (GSM) as the connection to the central alert system, which can be easily manipulated with cheap GSM jammers that are widely available. Xperanti’s IoT solution offers back-up connectivity to ensure alarms are transmitted, even when the main GSM is jammed. It can mitigate the risk of a burglar gaining access into the house, thereby reducing the cost of insurance for the insurers.
Connected smoke detectors: save valuable lives from fire
The fire could burn everything and even take away the life of our loved one. Xperanti’s smoke detector transmits life-saving data (for eg: temperature, smoke, etc.) and sends real-time alerts to intended recipients. Insurers can also get a notification in the tigerlab’s i2go software on any fire hazard and escalate it to the relevant authority. It can, therefore, improve the customer’s reactions during the fire and minimize the risk.
GPS trackers: retrieve stolen vehicles with ease
Not all stolen cars can be retrieved. Insurers can track the GPS of stolen cars without interruption via Xperanti’s GPS tracker. They can easily locate the car on the map through i2go. The data can’t be jammed as it uses radio signals for transmission. Customers can finally recover their cars within hours now - not months. As for the insurers, car theft-related insurance claims can be reduced with a lower risk of theft.
" While the world is undergoing rapid digital transformation, it's important to make sure our clients are not left behind with the recent technologies available, that can enable them with the creation of hyper-personalized products, reduced in losses, improved policyholder satisfaction and more," said Tobias.
We’re committed to building the next generation of software that pushes digital transformation in the insurance industry. By integrating connected devices, insurers can access to even more data that prevent greater losses, which could eventually decrease the number of total claims and lower premiums for customers who have reduced risks.
"Together, tigerlab and Xperanti will provide practical, scalable and smarter solutions for the Malaysian insurance landscape." Vicks remarked.
tigerlab Sdn Bhd is a global IT company, specialize in offering a simple and powerful cloud-based insurance software solution for successful insurers, brokers and MGAs around the world.
You will love us because we enable a modular approach to use our software, without all the difficulties of moving into a completely new system.
Our time to market within a guaranteed period of 1 ~ 2 months allows you to stay competitive in this ever fast-changing market by speedy adapt to the latest customer and business needs.
Our well-designed pricing model is suitable for all sizes of the insurance business, from aspiring startup to an established insurance company.
About Xperanti IoT :
Xperanti IoT (M) Sdn Bhd is Malaysia’s first nationwide IoT network provider, offering Industrial IoT solutions through exclusive access to Sigfox’s global leading technology.
We offer comprehensive end-to-end IoT solutions via an ecosystem of partners, that unlock the huge emerging opportunity of Industry 4.0 for businesses.
Our exceptional technology delivers practical and scalable solutions for key sectors such as manufacturing, transportation and logistics, utilities, agriculture and smart city applications.
We also help businesses “bridge the digital divide” and enable local enterprises to develop purpose-built IoT solutions focused on reliable, secure, low-cost network solutions designed for this emerging connected ecosystem.