Pepper and Notion has announced they have combined, creating a IoT and smart home platform business that will offer insurance carriers customised and connected solutions in the fast growing Insurtech and IoT industries. Pepper enables businesses worldwide to build, deliver and monetise 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.
The global InsurTech market is poised to grow to $167 billion (€157.21 billion) by 2023 and the US consumer IoT services market is expected to reach $25 billion (€23.53 billion) by 2025. Together, Pepper and Notion will provide an opportunity for insurance carriers to access these high growth markets and evolve from the legacy “repair and replace” business model to a “protect and prevent” approach. By pairing next generation IoT and smart home technologies, insurance carriers can reduce the frequency and dollar amount of insurance claims filed by policy holders while home, property and small business owners can save up to 20% on insurance by proactively monitoring for water leaks, fire, carbon monoxide, mold, open doors and windows, drastic temperature changes, and more.
“We believe connected insurance tech is the next frontier of innovation in consumer IoT,” says Scott Ford, CEO of Pepper. “Combining Notion’s leading smart property monitoring sensor system with Pepper’s full-featured platform and service offerings will provide insurance carriers a customised suite of connected solutions through a 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.”
Pepper-powered solutions will open the door to real time, actionable data for carriers and customers through its secure 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,” says Thomas Fad, vice president and general manager of Notion. “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.”
Financial terms of the transactions were not disclosed.
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