Digital Insurance spoke with Brett Jurgens, the CEO of
The following responses have been lightly edited for clarity.
Notion Q&A: Home security technology, insurance partnerships
January 24, 2022 7:17 AM
Notion
How does Notion work with insurers?
When we first started the company we went through Techstars, a startup accelerator, in Boulder, Colorado and we had a Kickstarter campaign to raise money and generate revenue. We tested out market strategy and partnerships with companies that could benefit from our products.
Insurers wanted to work with us. The companies were looking for ways to innovate and reduce losses.
Today, we help insurers in three ways: acquiring policyholders, price differentiation and retention.
A lot of our insurance partners want more positive ongoing conversations with policyholders and we are a good way to do that. Most insurers have a hard time getting consumers to download their apps, with Notion, there are more ways to interact with policyholders. There are co-branded opportunities to send policyholders things related to home safety. For example,Nationwide customers receive fire safety tips or some version of that through Notion as Nationwide.
Insurers wanted to work with us. The companies were looking for ways to innovate and reduce losses.
Today, we help insurers in three ways: acquiring policyholders, price differentiation and retention.
A lot of our insurance partners want more positive ongoing conversations with policyholders and we are a good way to do that. Most insurers have a hard time getting consumers to download their apps, with Notion, there are more ways to interact with policyholders. There are co-branded opportunities to send policyholders things related to home safety. For example,
How do smart home monitoring systems benefit policyholders and insurers?
It was fairly easy for us to get pilots with insurers because the benefits are obvious, but it was difficult to scale the pilots. One of the things we ran into was as a part of the Internet of Things industry we needed to provide insurers with proof and numbers.
There is longevity to what we are doing because, with property, you want ongoing monitoring forever. Data around loss prevention, specifically related to water, has become a key selling point. A number of our partners have seen zero water leak claims since partnering with Notion. Insurers are starting to believe what we are doing.
We have seen a reduction in loss with our products.
There is longevity to what we are doing because, with property, you want ongoing monitoring forever. Data around loss prevention, specifically related to water, has become a key selling point. A number of our partners have seen zero water leak claims since partnering with Notion. Insurers are starting to believe what we are doing.
We have seen a reduction in loss with our products.
Notion was bought by Comcast, how may the company fit into its work with insurers?
It is great for us as it translates into a whole lot more opportunity, support and expansion.
There is a lot of future between all of us with Notion as a catalyst. So, Comcast plus the insurance industry, that’s what we are excited about.
There is a lot of future between all of us with Notion as a catalyst. So, Comcast plus the insurance industry, that’s what we are excited about.
How does Notion educate consumers around data privacy?
The biggest question we get is: ‘Is it going to increase my rates?’ And the answer is no. We are all interested in protecting your home or small business. It is a seat belt in a car. The future of home protection is products like what Notion offers and we believe there is a future where these are required.
For example, an insurance company requires home monitoring products to be installed before it provides you with the insurance you need.
Any future plans or products to discuss?
Speakers and doorbell cameras have increased consumer interest. Those products lifted the tide of awareness and made people aware of the products.
We are focused on protecting properties with products and services for homes and small businesses. There are plans for a lot of connection and integration things. Additionally, some energy tracking applications that we think consumers will be into.
Also, we have data and analytics related to risk and new products like individualized insurance or auto telematics but for properties. We’re exploring things like sensors for washing machines and discounts related to that.
There will be a lot more products and services in the future.
We are focused on protecting properties with products and services for homes and small businesses. There are plans for a lot of connection and integration things. Additionally, some energy tracking applications that we think consumers will be into.
Also, we have data and analytics related to risk and new products like individualized insurance or auto telematics but for properties. We’re exploring things like sensors for washing machines and discounts related to that.
There will be a lot more products and services in the future.