Plasmatic Technologies Inc. Bolsters Advisory Team with Insurance Industry Expertise
Updated: Apr 29, 2019
Smart Home Telematics company positions itself to pursue the growing interest among forward-thinking insurance carriers for data-driven insights and customer engagement.
Vancouver, BC & New York City, NY - March 15, 2018 - Press Release Jet -- Plasmatic Technologies (Plasmatic) is pleased to announce the addition of Mike Moen to its advisory team, where he will assist the company as it caters to the tremendous need for innovation in Property and Casualty Insurance.
David Sussman, Chief Executive Officer of Plasmatic stated: “We are very excited to enlist Mr. Moen’s industry knowledge, deep relationships, and track record in analytics-based businesses. Mike’s strong collaboration with our leadership team has already helped validate the appeal of our solutions with decision makers at top insurance carriers and Insurtech scouts in some of the more prominent industry hubs”.
With over 20 years of experience as an entrepreneur and business executive, the enlistment of Plasmatic’s latest advisor is a sign of definitive momentum in the sector, where device-driven insights and mobile experiences are poised to help insurance providers deliver more personalized services and augment their policyholders relationships. As former CEO of Drive Power, a vehicular telematics and data analytics company, and past COO of Tribal Planet, a Big Data analytics and mobile engagement platform provider, Moen adds a unique blend of expertise in the intersection of data analytics and mobility. According to Moen “connected devices across domains and insurance lines unlock phenomenal potential to offer both insurers and their customers with mutual and sustainable benefits. I have experienced first-hand the amazing strides vehicular telematics has made in auto insurance worldwide. We are also seeing the innovative ways in which life and health insurance carriers are leveraging wearable devices. It is evident that with the right approach and use of flexible technology, the connected home can transform property insurance for stronger customer engagement and numerous operational benefits.”
Connected Home adoption is on the rise and with an estimated 47% year-on-year growth it is expected to reach 55% of North American homes by 2021 according to machine-to-machine (M2M) and Internet of Things (IoT) analyst firm Berg Insight. Mr. Sussman added “The interesting thing is that while customers are adopting more connected home devices and technologies, they are doing so in a piecemeal manner, often mixing and matching products from different vendors. This typically requires homeowners to use multiple apps to operate those devices and effectively undermines the promise of a smart home with easily accessible insights and control people expect. Furthermore, according to research we have seen, almost 2 in 3 customers are willing to invest in smart home devices if these can give them better home insurance rates. We incorporated those trends and the motivations of both homeowners and their insurance providers as the foundation for our strategy and offerings.”
Plasmatic’s Connected Home data harmonization platform brings the various devices and the wealth of data they generate together. This allows insurance providers to support devices customers already have and meet their customer needs in a more nuanced and personalized way while offering opportunities to reduce claims and their severity through contextual and meaningful insights. The platform and the data serve as the underpinning of a service provider branded mobile app that policyholders use. Through the app customers and their household members receive personalized tips and relevant information wherever they are. P&C insurance providers can enhance existing relationships with more frequent, automated and valuable touchpoints while at the same time obtain a constant stream of information that complements existing actuarial datasets. They are also better positioned to augment current services and offer new programs that support safety and responsible home upkeep to benefit all parties.
Moen adds in-depth knowledge of the insurance and financial services industries to Plasmatic’s current roster of experts. Please visit www.plasmatic.ai/team to view the full complement of advisors.
About Plasmatic Technologies Inc.:
Plasmatic Technologies enables service providers and their customers to benefit from Connected Home devices and the valuable data they produce through Home Insights and Machine Learning. The company’s unique Smart Home platform and applications empower innovative service providers with programs that enable differentiation, stronger customer engagement, revenue growth, and operational efficiency.