Pepper combines with Notion
Consumer IoT platform Pepper and smart security systems provider Notion announced they have combined, creating an IoT and smart home platform business that will offer insurance carriers “customized, seamless and connected solutions” in the insurtech and IoT industries.
Founded in 2014, Pepper enables businesses worldwide to build, deliver and monetize secure connected devices and services to consumers through a sustainable revenue model. Notion is an ‘easy-to-use’ DIY smart property monitoring sensor system and app to enable home and small business owners to proactively monitor and reduce loss from costly property damages. Comcast , the previous owner of Notion, has made an investment in the Pepper/Notion combination.
“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.” – Scott Ford, CEO of Pepper.
Pepper-powered solutions will open the door to real time, actionable data for carriers and customers through its consumer IoT platform. The data generated through these programs will be controlled and owned by the carrier and its customers. In addition to improving key carrier business metrics like underwriting and claims reduction, the combination of Pepper and Notion will enable the sale of new value-added services, including additional insurance products and create attractive recurring revenue streams through a variety of connected home premium services.
“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.” – Thomas Fad, vice president and general manager of Notion.
Financial terms of the transactions were not disclosed.
