Business News: Nationwide and Notion, FileTrac and Hover, Octo and ICBC

Nationwide Teams With Notion for Smart Home Monitoring

Nationwide has teamed up with Notion to offer smart home monitoring products to policyholders to guard against theft, fire and water damage.

The Notion smart home monitoring system uses sensors with multiple capabilities to monitor the home for opening doors and windows, the sound of smoke or carbon dioxide alarms and water leaks.

Nationwide noted that water damage is the cause of 31.4% of homeowners insurance claims, fire and lightning damage 26.8% and theft 2.1 percent The average fire and lighting claim costs $68,000, water damage claims $10,000, and theft $4,000.

Nationwide customers who opt into the program can purchase the Notion Wi-Fi enabled smart home kit at a discounted rate and save on their homeowners insurance policy.

The Smart Home program is available in Alabama, Arizona and Illinois, with additional states to be added in the months ahead, Nationwide said. Private Client members across the country can also access smart home products where Nationwide Private Client is available.

Notion is a Denver-based startup that raised $16 million in funding during a kickstarter campaign, according to an article posted by Forbes.com.

FileTrac Partners With Hover

FileTrac, a claims management system provider, is integrating Hover’s physical measurement technology into its product.

The addition of Hover to the FileTrac claims management system will enable customers to access accurate measurements, up-to-date property photos and 3D visualizations, improving the customer experience, FileTrac said in a press release. FileTrac, based in Holbrook, N.Y. sells a claims management system that is widely used by independent adjusting firms.

Hover, a Silicon Valley insurtech startup, developed a patented smart home app that produces 3D measurements by using photographs of each corner of a structure.

FileTrac said the integration with Hover technology will allow independent adjusting firms and carriers to increase the number of property claims they take on while receiving more detailed and accurate measurements, including the total living area down to the inch.

FileTrac customers will receive a full report of accurate measurements in PDF format and a 3D sketch of the property that can be stored in the FileTrac system and accessed at any time in the claims or reinspection process.

ICBC Selects Octo Telematics for Pilot Project

Octo Telematics has been selected as the exclusive telematics provider for the Insurance Corporation of British Columbia has selected Octo Telematics for a one-year pilot project to validate that telematics can improve driving habits of newly licensed drivers.

The Techpilot initiative launched in January. Participants use a combination of their smartphone and a Smart Tag provided by Octo to detect and score driving behaviors such as speeding, braking, and cellphone use.

“This Techpilot initiative will enable us to better understand the role that technology can play in reducing crashes for inexperienced drivers,” stated Myrthee Blanco, ICBC’s senior director of product and customer strategy.

Half of the pilot’s participants will fully interact with Octo’s Digital Driver. They receive a driving score, feedback, and safe driving rewards in the form of gift cards to popular retailers and restaurants, Octo said in a press release. The remaining participants will be limited to receiving rewards solely based on their participation in the Techpilot. The pilot results will inform and optimize ICBC’s telematics strategy and plan.