Nationwide launches smart home solution
Nationwide is partnering with Notion to offer personal Lines customers who live in Alabama, Arizona and Illinois the potential to save about 5% on their insurance premiums, which averages $50 in savings per year. The amount is determined by the type of standard home policy and the state of purchase.
“Smart home solutions will help our policyholders have more control in protecting their home. From water leaks to sounding alarms, the homeowner can be notified if something happens, even when they are not there. Whether they’re away for the day, on vacation, or gone for the season, they’ll know what’s going on at home.” – Teresa Scharn, Nationwide AVP Product Development.
If customers opt into this smart home program in partnership with Notion, they will also be able to purchase the Notion Wi-Fi enabled smart home kit at a discounted rate.
“We’re thrilled to be selected as the IoT partner for Nationwide to launch their smart home technology program to its customers. As the insurance industry is quickly moving towards an IoT-oriented, lower-risk future, an insurer’s ability to offer smart home connectivity with policy incentives will become one of its biggest advantages.” – Brett Jurgens, CEO and Co-Founder of Notion .
Notion’s smart home monitoring system packs multiple capabilities into each sensor, which monitors the home for opening doors and windows, the sound of smoke/CO2 alarms and water leaks, all from a personal device.
In Illinois, Nationwide occupied the 13th spot, in Alabama, the 8th, and in Arizona, the 12th when factoring Direct Premiums Written in 2018. In all three states, the top insurer is State Farm.
Bottom Line: I reject the notion that a 5% home insurance discount plays a role in one’s decision to protect his home.