Neos is a connected home insurance offering, which uses technology to help prevent situations that could result in claims. When homeowners take out a policy with Neos, they are provided with a bunch of smart sensors, which alert the customers to problems via a smartphone app, enabling them to take action before they get worse. The policy, underwritten by a partner, also includes round-the-clock monitoring from the Neos emergency assistance team, who are on hand to warn customers if something is amiss.
How they’re disrupting
What’s exciting about the Neos insurance offering, is the potential for the technology to make inferences from independent, unrelated events. For example, the detection of running water and no one being present at the house – neither is a risk individually, but combined there is a potential for a serious problem. By making the connection between the two, the technology could stop a possible disaster from becoming a reality. The Neos policy is being developed to make intelligent inferences on potential risks.
The UK home insurance industry is currently worth around £10 billion. Neos is providing consumers and industry with tools to better monitor and assess damage for insurance claims.
Investments and future
Neos has received £1 million seed funding, including lead investment from EOS Ventures and ex-footballer Gary Lineker. The company recently closed a £5 million Series A round with backing from Aviva Ventures and Munich Re in May 2017. Neos eventually plan to replace their advisory bots with a machine-learning platform so that it can continually improve its performance based on its environment. The current drive is the UK market but plans are being prepared to enter the US market with its existing partner in 2018.