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Roost: Transforming Property Insurance with IoT

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Roel Peeters, Co-Founder & CEO, RoostRoel Peeters, Co-Founder & CEO
From smart toasters, dog collars and hairbrushes to scales and machines, consumer and industrial devices are becoming smarter, collecting and communicating data for supercharging businesses. Thanks to IoT, the world has never been more connected than it is today. At a time when homeowner insurance claims in the US exceed $42Bn per year, Roel Peeters, co-founder and CEO of Roost, reveals that the IoT phenomenon holds high potential to revolutionize the way insurers can digitally engage with their policyholders as well as reduce their annual claims cost, saving millions each year. Peeters and his team at Roost are unlocking the untapped potential of IoT in the realm of property telematics. As a pioneer in property telematics, Roost is clearly taking a leadership role in making the home a better and safer place, working on active programs with more than 25 carriers in North America and Europe.

Roost works with insurance companies to deploy sensor-embedded devices directly in their policyholders’ homes. “We offer cloud-based, end-to-end home telematics solutions that empower policyholders to monitor real-life situations in their home in real-time,” says Peeters. While insurance companies deal with billions of dollars worth of homeowner insurance claims triggered by fire or water leak damage, these solutions and devices can help both the insurers and the insureds to eliminate or mitigate such events with real-time alerts and notifications. “Deployment of these devices begins with establishing a direct working relationship with the policyholders. This digital relationship between the carrier and the policyholder enabled by communication through smartphones is key to prevention/ mitigation, instead of using a postcard in the mail or an insert in the bill. Customer engagement is thus a stepping stone to deploy some of these programs more broadly,” he explains.

The Wi-Fi-enabled sensors deployed by Roost are embedded in a 9-volt battery form factor that plugs into the customer’s existing smoke alarm, transforming it into a smart smoke alarm. “When a smoke alarm goes off, the battery hears it and is able to send that signal on to your smartphone. The same goes for our water leak and freeze detector, which can detect water leaks as well as temperature and humidity changes instantly. These detectors allow homeowners to mitigate the situation, rather than letting it sit there for days, weeks, and months, and brewing real damage,” says Peeters.


These detectors allow homeowners to mitigate the situation, rather than letting it sit there for days, weeks, and months, and brewing real damage

Roost also offers a garage door sensor, which simply informs the user if the door is open or closed. These sensors come along with a cloud-based data analytics platform and content-rich, white-label mobile application that provides the user interface and the communication interface with the devices to deliver seamless customer engagement.

Roost enables insurance carriers to boost customer loyalty and retention by fostering tangible, authentic, and relevant engagement with the policyholders. At the core, Roost’s property telematics solutions are laser-focused on assisting insurance carriers in delivering personalized, timely, and actionable communication. From notifying consumers on smartphones about upcoming hailstorms, snow, and more to alerting them about water leaks and a fire breakout, the property telematics solutions with impressive user and communication interface empower policyholders to take immediate action quickly and efficiently. For insurance providers, Roost offers device data and NPS metrics to gain actionable intelligence on consumer sentiments through its dashboards and raw data feeds. “Our customized cloud-based solutions can be implemented in just under 90 days without the need for any bulky IT resources, big-budget investments, or back-end integrations; Roost takes care of them all,” adds Peeters.

While illustrating the expertise and value that Roost brings to the table, Peeters recalls an instance when the company assisted Desjardins, one of the largest insurance carriers in Canada. Desjardins approached Roost seeking a water leak and freeze detection solution. Drawing on the experience of its highly-skilled team and in-depth industry expertise, Roost worked closely with Desjardins to create a turnkey water and freeze detection solution, which then went on to become a very successful product in their portfolio. “It was a successful program driven by customer engagement; they wanted more people to get digitally engaged with them. Being able to do that with an IoT product was a mutually beneficial and great experience,” says Peeters.

Unlike many of its competitors, Roost hones the capability to deliver both hardware products and white-label mobile apps, thereby offering a true end-to-end solution that is niche-focused in the property insurance market. The uniqueness of the company stems from its ability to step into the shoes of the insurance carriers and maximizing the understanding of how they can engage and retain their customers. Currently, Roost plans to branch out its products and solutions into the commercial lines market to mitigate property damage and augment customer experience for small and medium-sized business (SMB), schools, churches, and more in the near future.

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Roost

Company
Roost

Headquarters
Sunnyvale, CA

Management
Roel Peeters, Co-Founder & CEO

Description
Roost is a leading insurtech start-up company that offers a unique, connected platform to foster the simplest and most affordable way for consumers to enter the smart home space. One of the top players in the property telematics arena, Roost leverages the power of IoT to make the consumers’ home a better and safer place, working on active programs with more than 25 carriers in North America and Europe. Through its innovative and cutting-edge IoT devices and sensors, Roost empowers insurance carriers to boost customer loyalty and retention by delivering tangible, authentic, relevant, and actionable engagement with their policyholders