Insurtech

OneEvent For Insurers

In the property and casualty insurance industry, there’s nothing more important than minimizing risk. Your industry is increasingly relying on third parties for analytics so you can focus on your core business mission.

Businesses and homes under a watchful eye with an added layer of protection are at decreased risk for preventable disasters. The OneEvent’s® System is the first of its kind to give insurance companies invaluable predictive data analytics to better understand customers’ behavior to accurately measure risk.

OneEvent measures and records temperature, motion and water in real time, so you can easily review conditions leading up to, during and following a property-damaging event. And even after a sensor provides an alert, OneEvent continues to collect data, unlike most alarms that remain static once they go off.

THE ONEEVENT® SYSTEM

• Allows you to assess risk of the insured. If the insured is behaving in ways that could lead to property damage and loss — smoking, inattentive cooking, improper refrigeration of food or drugs and poor maintenance, for instance — the OneEvent® System will give you an honest, complete picture.
• Speeds up claims processing. Insurers like you can rely on OneEvent data to move claims along swiftly and accurately, thanks to a full accounting of a loss and/or catastrophic event.
• Identifies potential building areas that require attention or improvement. The system catches minor issues that could become a problem, including water leaks, temperature excursions and others.

Monitoring customers’ behavior is helpful to the customer, too, because it may influence behavior positively by motivating the insured with the potential of lower premiums and reducing loss.

Smart business and home monitoring technology like OneEvent has many benefits. It makes people feel safer and more connected. But the strongest incentive of installing the OneEvent® System is for you to save possibly thousands of dollars in claims.

FOR INSURERS

The OneEvent® System is the first of its kind to give insurance companies predictive and actionable data analytics. OneEvent’s cloud-based storage and proprietary analytic software will allow the industry to better understand the patterns that cause losses and ultimately predict, prevent and reduce claims and provide valuable risk-score data.

OneEvent measures and records temperature, motion and water in real time, so you can easily review the property’s conditions leading up to, during and following a property-damaging event. And even after an alarm goes off, OneEvent continues to collect data, unlike most sensors that remain static once they go off.

REFRIGERATION MONITORING

We can look at examples such as McDonald’s and Chipotle where hundreds of people across the country fell ill. According to the CDC, an estimated 48 million Americans (1 in 6) get sick, 128,000 are hospitalized, and 3,000 die of foodborne illness every year.

There are many digital solutions that can increase supply chain traceability. Digital sensors that monitor temperatures and humidity, door closure sensors, and a host of other monitoring systems are starting to see wider use. These sensors can offset instances that are prone to human error. Also, many food processors and food services still use the traditional office procedures of manual tracking, billing, and inventory systems that are not conducive to supporting supply chain traceability.

The global cold chain temperature monitoring market size was valued at USD 6.85 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 17.9% from 2020 to 2027. The key drivers attributing to the growth include a significant boost in demand from the pharmaceutical industry. Further, the market is poised for unprecedented growth owing to the increased automation in refrigerated warehouses for handling and monitoring the goods such as food products, vegetables, and meat. As such, the wireless monitors enable less human interference with the refrigerated goods, thereby retaining the product quality for an extended period.

Growing Demand for Pharmaceutical Products is Expected to Drive Market Growth

Pharmaceutical refrigerated inventory includes many temperature-sensitive products, such as vaccines, which require effective monitoring technologies to maintain them at desired temperatures throughout the supply chain. Moreover, there are several provisions related to medicine temperature monitoring, including Good Manufacturing Practices (GMP) and Good Distribution Practices (GDP), which specify that continuous monitoring is required to regulate temperature and record data for future references. Also, such monitoring technologies can help in preventing product spoilage by maintaining the temperature at desired levels throughout the shipment and in the storage. As such, the demand is significantly increasing in the pharmaceutical sector.

WATER LOSS

Water losses have increased dramatically over the last 10 years. As that trend continues, water detection technology OneEvent’s water sensor will become the standard first-line defense for water damage prevention. The advanced sensing and monitoring technology in our water sensor delivers reliable, easy-to-use leak detection that notifies the building owner or manager when water must be shut off.

Smart business and home monitoring technology like OneEvent has many benefits. It makes people feel safer and more connected. But, the strongest benefits the OneEvent® System provides is giving us all the opportunity to reduce claims and keep people safe.

Contact us today to learn how OneEvent is changing the property & casualty insurance landscape in terms of risk prevention.