Entrepreneur

Insurtech startup uses smart home tech to lower premiums – Show House


Insurtech start-up Hiro has announced that it is opening its latest round of fundraising to the public via Seedrs, a leading equity crowdfunding platform.

Hiro is a home insurance challenger that helps customers to actively protect their homes from damage using smart technology – Instead of relying solely on compensation after the event. Customers benefit from added safety and security and can reduce their home insurance premiums by following Hiro’s evidence-based guidance on how to protect their homes.

The startup rewards customers for using home safety smart tech by offering a discount on their premium. Hiro also offers access to an in-app marketplace where every smart home tech item added will reduce their premium further. To get started, Hiro scans a home, works out what tech is in place and automatically applies a discount.

“Insurance is currently locked in this weird stand-off with customers,” says CEO Krystian Zajac, “where the vast majority of customers don’t trust insurers to pay out, and yet payouts are the number one cost-center for insurers. Hiro is about putting customers and insurers on the same team for the first time – working together to prevent the most common causes of damage, and thereby reducing costs for everyone.”

Hiro customers get access to smart technology from over 30 leading brands at members-only discounts via an in-app “smart shop”. They can also use technology they already own to unlock discounts on their premiums from the outset. The Hiro app scans the customer’s home network to detect the devices they have installed and automatically apply a discount.

Investors are being offered an equity stake in the company from as little as £10, gaining exposure to the £175bn UK insurance industry as well as the rapidly growing market for smart technology, around £75bn worldwide and growing at +28.6% year-on-year.

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Hiro is the brainchild of serial tech entrepreneur Krystian Zajac who previously founded the multi-award-winning insurtech Neos, which was subsequently acquired by the UK’s largest home insurer. The pre-registration pledge page is open on Seedrs, ahead of the full crowdfunding launch on January 18th.

There are at least 15 million ‘smart homes’ in Britain. With so many homeowners adopting the benefits of smart home technology, Hiro believes there should be a modern insurance solution to fit.

Hiro offers customers up to 25% discount on their policy plus deep discounts to purchase further technology, such video doorbells, smart cameras, security systems and smoke detectors, to protect their homes.

More than half of UK homes now have smart technology. Hiro aims to put all kinds of technology to work protecting people’s homes, including devices that aren’t typically associated with security like smart speakers.

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