The global smart home market is expected to grow to $12.8 billion dollars by 2020, creating innovative ways for consumers to connect, interpret data and have the possibility to save money. This leads to creative ways to implement IoT technology and provide consumers with discounts on insurance.
What it does
We enable current or new home owners to buy home insurance based on the amount of IoT devices that are in their home, connected to their network. Our system allows customers to scan their home and provides an MSRP per connected device, providing a discounted estimate quote from the insurance company.
How we built it
We used a Raspberry Pi and a Ingenu developer kit to scan connected devices and process real time data to provide a home owners insurance quote.
Challenges we ran into
Coming into this hackathon, we weren't expecting to work with a lot of hardware, so we weren't as prepared to use the Raspberry Pi and Ingenu IoT Developer kits. This caused several problem in set up, as well as our IoT board blowing a fuse partway thought the night stalling production.
Accomplishments that we're proud of
We managed to make a functional application using IoT devices, which none of us had any experience with.
What we learned
We learned how to utilize IoT networks and devices to process real-time MSRP data to provide a quote for home owners insurance.
What's next for InsurIoT
We plan to expand this project to provide a real-world application to current and new home owners providing discounts for connecting devices for an established insurance company looking to engage customers and grow their IoT offerings for the future.