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Is Embedded Insurance the Wrong Idea?

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ITL On Demand

 ITL On Demand is a webinar program focused on important opportunities for innovation in risk management and insurance. Moderated by ITL Editor-in-Chief Paul Carroll, the webinars draw on experts from across the industry, from promising startups to the largest incumbents. Hot-button topics include blockchain, AI, telematics and IoT — and their potential to slash costs while opening new markets for companies across the insurance ecosystem.

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ITL Focus: Internet of Things

This Month's Focus Topic 


Despite all the possibilities I've read about and considered for the Internet of Things, Dave Wechsler managed to raise a new one in the conversation we had for this month's ITL Focus interview. He suggested that water leaks, fires and other household hazards could be handled as a service that would insulate carriers from the complexity and from the claims, in return for a per-household annual fee. 

Many of you have seen Dave in action as a speaker at conferences during his time as the leader of IoT business initiatives at Comcast or, more recently, as the vice president of growth initiatives at Hippo.  He's now a principal with the venture fund at OMERS, the Ontario pension fund, and had some thoughts on how IoT could get to massive scale.

The IoT, under the name of telematics, is taking hold in transportation, mostly because phones are full of sensors that can be used to evaluate someone's driving and because just about everyone has one with them at all times. But homes have been a trickier proposition. The vast majority are many years or even decades old, so they have to be retrofitted with sensors that can detect water leaks, fires and other hazards. That can be expensive. It can also be unreliable: The sensors may be installed wrong if homeowners do the work themselves or may be placed in areas where they somehow don't quite get hit by, say, the leaking water.

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