Pepper, a US-based consumer IoT platform, has acquired insurtech firm Notion for an undisclosed sum.
Concurrently, Comcast, Notion’s previous owner, has invested in the combined business.
Aimed at insurance carriers, the new entity brings together Pepper’s IoT capabilities and Notion’s property monitoring sensor system and app.
According to Pepper, the US consumer IoT services market is anticipated to reach $25bn by 2025, while the global InsurTech industry is projected to reach $167bn by 2023.
Together, Pepper and Notion aim to help insurers access these high-growth markets and transition from the traditional “repair and replace” business model to a “protect and prevent” approach.
Pepper CEO Scott Ford said: “Combining Notion’s leading smart property monitoring sensor system with Pepper’s full-featured platform and service offerings will provide insurance carriers with a customised suite of connected solutions through a seamless 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.”
Using IoT solutions and smart home technology, insurance companies can lower the volume and cost of insurance claims made by policyholders, the firm noted.
Meanwhile, owners of homes, buildings, and small businesses can reduce their insurance costs by up to 20% by monitoring things like water leaks, fires, carbon monoxide leaks, mould, open doors and windows, sudden temperature fluctuations, among others, stated Pepper.
Notion vice president and general manager Thomas Fad said: “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.
“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.”