The objective of this project was to incorporate telematics ideology into homeowners insurance claims for Erie Insurance, implementing savings on insurance costs.
Sponsored By: Erie Insurance
Team Members
Joseph Confortini | Alyssa Novak | Riane Sullivan | |
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Project Summary
Overview
Telematics applications have had a significant impact on the reduction of automotive claims for various insurance companies around the world. Erie Insurance is in search of new innovative way to incorporate this technologically advance ideology into homeowner’s insurance applications. Therefore, this idea will not only decrease the risk of accidents within the home, but save both Erie Insurance and the customers money in the meantime.
Objectives
- Utilize telematics ideology for homeowner’s insurance applications.
- Decrease the number of accidents within the home by 10%, theoretically yielding a 10% savings on homeowners claims associated with these accidents.
Approach
- Met with Erie Insurance to develop plan for project.
- Centralized the project on the development of smart sensor technology within the home with full application compatibility for homeowners to have full control of the risk associated with their home.
- Presented research and ideas for project to Erie Insurance for approval.
- Consulted with Erie Insurance for customer needs associated with project, as well as feasibility.
- Conducted market analysis on previous products associated with telematics software and sensors.
- Each team member developed an application prototype with new innovative ideas for project.
- Conducted product screening and scoring for each feature to bring ideas into one design.
- Conducted studies on the feasibility of cost vs. benefit with the initial sensor investment.
- Conducted failure mode analysis on final design to ensure optimal prototype functionality.
Outcomes
- The sponsor will save 10% of the cost associated with homeowner’s insurance claims as a result of this project.
- Erie Insurance will be distinguished with this new technologically advanced idea.
- Customers of Erie Insurance will have a new sense of safety with the risk associated with owning a home.
- This project revolutionized the idea of using telematics for more than just in automotive applications.
- Allowed customers to save money on monthly homeowner’s insurance costs.
- Prevent drastic accidents from occurring by the alerting customers to warning signals from sensors within the home.
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