In a fantastic move for Neos that will guarantee major growth over the next year, Aviva Ventures have our Series A investment, with Munich Re joining us as key strategic partners. The new investment will let us not only develop our connected home systems but also grow our underwriting capacity, through an MGA agreement with Munich Re.
Shaking up a £7bn insurance market
The connected home is going to completely change the £7bn home insurance market. It’s an industry that’s stayed stagnant for far too long, but IoT – your Alexa, your smart appliances and, with Neos, your security system – is set to grow by 156m home connections by 2024. These connected systems give power back to consumers, informing and protecting them, as well as taking work off their hands.
Pictured above: Matt Poll – Founder and CEO of Neos Smarter Home Insurance
Neos was the first home insurance product to step in before any kind of damage had been done to a house. Insurance used to be a product with a best-case scenario of never seeing a return on your investment – that pay out when something bad happened. Now, consumers can actually get positive use from the service they’re paying for: home security, early warning of problems and an easy way to check in on their home from anywhere in the world.
After leaving MoreThan and with so many years in the insurance industry, I saw Neos as an antidote to traditional home insurance. Along with automation expert Krystian Zajac, we aimed to refresh the market with preventative security systems that let customers manage and safeguard their homes.
Since launching in 2016, Neos is still the only home insurance on the market to give a brand new customer all the technology they need to keep their home safe from the kinds of problems that lead to a claim. HD camera, smoke, water and door sensors, and remote alarm setting via the user’s smartphone.
Andrew Rear, Digital Partners at Munich Re, described how:
“Neos is defining the standards for the future home insurance industry in the UK. By putting smart sensors into the home and alerting the owner on their smartphone, Neos enables issues to be addressed before they become bigger problems. Detecting a leak early is a much smaller problem than coming home to a big flood. It’s a clever proposition which will have an impact on the wider insurance industry”
Investment in the smarter way to insure a home
Neos’s first strategic investment and partnership was with Zoopla (ZPG plc), which gave us access to an audience already searching for property online and potentially ready to manage home insurance and protection digitally, too.
This new partnership will allow us to reduce technology costs and invest in more development for our connected security systems, bringing our customers new tech to look after their homes in ever-smarter ways. We’ll also be focusing on building a wider installation network and introducing self-install options for more flexibility. For our existing customers, nothing changes – except change for the better. Policies already in force will still be valid and underwritten by Hiscox, our original underwriting partner.
We’re very excited to have secured support from such big names in the insurance industry and, with continued support from Hiscox and Zoopla, our full market launch is set to be just the disruption this industry needs.
Ben Luckett, Managing Director at Aviva Ventures, said:
“Investments are all about talent, future, and disrupting the status quo. Our involvement in Neos reflects all of these three elements, surrounded by great technology delivering a great purpose. I am very excited about the opportunities that this investment presents and how we can move focus to making a real impact in people’s lives, from fixing to preventing the bad things happening.”
Read the full press release here.