A South African developed energy-saving smart device that detects failure in electrical hot water systems before it happens reduces the premiums of home insurances. This is due to the fact that homes equipped with this smart tool seldom have claims. These devices thereby protect both home owners and insurers.
This article published in a South African Insurance website describes how the system works:
A locally-manufactured smart energy platform that allows users to take advantage of direct savings by better monitoring and controlling their energy consumption in real-time also has the potential to cut costs for the insurance industry and its policy holders.
This is an example of how smart technology, combined with the internet, can provide benefits to both home owners and business who provide them services. Additional benefits include systems that reduce risk by signalling the time for pro-active maintenance and under-performance from an efficiency standpoint. Energy savings of up to 35% have been reported in residential applications and now the technology has sparked interest in business use as well. Apart from savings for the energy consumer, this technology also reduces overall energy consumption and the “carbon footprint” of the community.
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Insights by: Jürgen Strauss