Gary Lineker has teamed up with several insurance veterans to support a start-up that monitors customers’ homes to try and avoid costly claims.
Neos, which has raised more than £1m in its latest funding round, installs internet-connected gadgets in homes to keep track of possible break-ins, water leaks and fires.
The firm charges a monthly fee for using the equipment, but claims this service will save customers money by keeping the property secure and preventing insurance claims. Customers can also check on their home using a video stream accessed through a mobile app.
“We’re confident that the technology will become mainstream in the next couple of years,” said Matt Poll, chief executive of Neos and a former director at More Than. “It’s about using technology to prevent accidents from happening.”
Many insurers are weighing up uses for the “internet of things”, which enables connected devices to churn out vast amounts of information about the user and their environment.
Car insurers have started tracking customers’ driving styles with telematics devices, in a bid to make cover affordable for young motorists who might otherwise be considered too risky – although the gadgets can also increase prices for more dangerous drivers.
While the internet of things is still at an early stage, there are several connected home gadgets already on the market, and Neos hopes to integrate its insurance policies with existing devices.
Credit:
Nest
Google’s Nest service focuses on remote-controlled heating and lighting, but also offers discounts with partner insurance firms in the United States, if customers are willing to share data from their smoke alarms.
Neos, which believes it is the first British firm to offer such policies, will initially be underwritten by Hiscox, and more providers are in talks about investing and underwriting.
Mr Lineker, the host of Match of the Day and a former England footballer, has invested alongside Eos Venture Partners and others in the most recent fundraising, which valued the firm at £8.4m. The sportsman previously invested in the telematics insurer Ingenie, which was bought by Quindell in 2014.
Meanwhile, former RSA managing director Steve Broughton has joined as a non-executive director, and former Ageas boss Barry Smith has become chairman.
