S.H.I.C. is a smart home sensor data aggregator
1.SHIC is a technology and interface that allows for a streamlined approach
to providing an insurance carrier with information that results from a smart home device implemented in a client's home. SHIC takes the information
from the client's home and allows the insurance carrier to have access to this information for business purposes. The landscape of smart home devices
in homes, and what that means for the insurance carrier is evolving and SHIC provides a solution to this for this industry.
2.For most smart home devices, as it is done now, if an insured would like
to receive a discount based off of having a smart home device, they need to get in contact with their insurance carrier, provide some sort of proof
of purchase, and then receive a standard discount. The carrier does not really know, after the initial set up if the client is using the device,
so they are going off of "good faith." SHIC positions the insurance carrier to have access to the information about how the installed device is
actually being utilized, so the unknown is virtually eliminated. This also helps the carrier when it comes to loss control and fraud as a fully
functional, installed device can help minimize a loss if it is being properly utilized and the carrier can know for certain that a home is properly protected.
3.SHIC's consumer does not have to be tech savvy to use their system.
As long as they have purchased, and installed a smart home device, whatever that might look like for themselves
(e.g. sensors, CO2 sensor, fire sensor, door and window sensors, cameras, etc.) they will fit right in with SHIC. Most likely,
this consumer has purchased a smart home device because they are interested in protecting their lives and assets. Their goal
of bridging that gap between carriers and insured fits right into this need, set forth by the consumer.
SHIC goes above and beyond the smart home device, and takes it one step further for total connectivity.
4.Currently, insurance carriers are going off of,
"good faith," that the client has a smart home device and is actually using it as they should. This poses a problem for the
carrier as they are exposed to potential losses and fraud that can come from the insured, not properly using the device.
These insurance carriers are looking to make a profit as well, and by utilizing SHIC they have the opportunity to reduce
their chance for loss and fraud, which is not something they can do right now.
5.On the customer's permision - the insurer gets access to the sensors data
and automatic alerts of the customer's devices. We enable the access to data.