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Insurtech Neos aims to conquer the US with new deal

Insurtech Neos aims to conquer the US with new deal | Insurance Business UK

Insurtech Neos aims to conquer the US with new deal

American Family Insurance has announced a partnership with UK start-up Neos to help US customers proactively protect their homes using smart-home technology. The partnership is the first of its kind for a US insurer, according to American Family.

“This value-added approach aligns with American Family’s strong customer focus on proactively protecting customers,” said Andy Kearns, state product director for American Family. “It’s one thing to be there for customers to provide payment after an unforeseen event, but it’s another to help prevent a major incident – which benefits us both.”

Neos launched its smart-home insurance products and services in the UK in 2016 and the start-up has since expanded through partnerships with carriers in the UK and the Netherlands, including global multiline insurer Aviva, a majority owner of Neos.

“As the insurance industry is transitioning towards an engaged customer approach globally, our UK launch helped us fine-tune the products and services that American Family will offer its customers in the US,” said Matt Poll, co-founder and CEO of Neos. “Technology is the cornerstone in transitioning traditional insurance companies from a strictly payout approach to a prevention-led proposition. By helping customers prevent home disasters happening in the first place, this new approach strategically shifts the industry from a reactive to a proactive business model, and in turn minimises claims. We’re pleased to help bring that offering to US customers.”

American Family will launch the smart-home and protective services offering in Arizona and Washington later this year.