InsurTech and IoT companies Pepper and Notion have teamed up to develop an IoT and smart home platform company that will provide insurance carriers with specialized and interconnected services.
Pepper provides businesses with the tools they need to create, distribute, and monetize secure connected products and services for customers using long-term business models. Notion is a do-it-yourself smart property monitoring sensor system and software that enables home and small company owners to prevent costly property problems by keeping track of them in advance and taking preventative measures. The previous owner of Notion, Comcast, has invested in the Pepper/Notion partnership.
Scott Ford, CEO of Pepper, said, “We believe connected insurance tech is the next frontier of innovation in consumer IoT. Combining Notion’s leading smart property monitoring sensor system with Pepper’s full-featured platform and service offerings will provide insurance carriers a customized suite of connected solutions through a seamless white-label approach. This acquisition will allow us to leverage Notion’s leadership as an InsurTech solution supplier while expanding the offering to include popular smart home and security services.”
Insurers can save money on insurance by proactively monitoring for water leaks, fires, carbon monoxide, mildew, open doors and windows, severe temperature fluctuations, and other events by combining next-generation IoT and smart home technologies, while homeowners, property owners, and small business owners can save up to 20% on insurance.
Thomas Fad, vice president and general manager of Notion, said, “Partnering with a trusted, next-generation consumer IoT platform like Pepper aligns perfectly with Notion’s mission to deliver innovative, smart insurance and home security offerings. By joining Pepper, we will be able to further accelerate in a high-growth market and expand into new product offerings, all while continuing to deliver the best in InsurTech for our customers.”
Through its consumer IoT platform, Pepper-powered products will give carriers and customers access to real-time, actionable data. The carrier and its clients will have ownership and control over the data produced by these programs. The union of Pepper and Notion will enable the selling of additional insurance products and provide alluring recurring revenue streams, in addition to enhancing critical carrier business KPIs like underwriting and claims reduction.