Following its first Internet of Things (IoT) investment made through its corporate venture arm Firemark Ventures, Insurance Australia Group is looking to increase its number of investments in the technology.
The company announced last week that it had taken a minority stake in Myriota, a start-up based in Adelaide which specialises in low-cost and low-power satellite connectivity for IoT applications. Despite not revealing the size of the investment in Myriota, IAG said it was “consistent” with its approach to venture startups, helping the insurer connect with new and emerging technologies with the potential to assist its customers and business.
Scott Gunther, Managing Partner of Firemark Ventures told insuranceNEWS.com.au that “the fund is focused on emerging technology, so we do see an opportunity for more investment in the Internet of Things, along with artificial intelligence, machine learning, and sensors.
He added that the company’s focus is to “find start-up partners doing great things with technologies that have the potential to reinvent the insurance experience for our customers, so we look through that lens to find the right partners for our business.”
IoT insurance solutions for agriculture and business customers
IAG said it will work with Myriota to develop IoT-based insurance solutions for its agriculture and business customers with the aim of helping the insurer’s customers monitor and manage a wide range of assets such as checking water reserves or haystacks on a farm, machinery, or goods in transit.
Gunther told insuranceNEWS.com.au that IAG is currently partnering with agriculture customers to explore trialling the technology for monitoring haystacks and will soon look at extending that to transport and logistics.
“IAG is looking at digital connected experiences to create value and better experiences for customers. “IoT technology has the potential to unlock new ways to help our customers manage risks, which has until now been challenging without a physical presence on the ground,” Gunther said.