Notion, a company that makes home-monitoring sensors, has announced $3.2 million in funding, including investments from the venture capital arms of XL Group and Liberty Mutual.
Notion’s multi-function sensor recognizes doors or windows opening, water leaks, temperature changes, or smoke alarms. The company says it is looking to lower the barrier to entry for home monitoring systems that help policyholders and insurers reduce risk and loss.
Despite the fact that insurers have offered discounts for home security system installation in the past, Brett Jurgens, Notion founder and CEO, says that consumers have been reticent to purchase and install the complex systems and sign up for multi-year contracts. He's hoping that his company's device's lower price poitn will entice more people to adopt the technology.
"Tech advancements and lowering costs can offer more insight into how to insure things," says Jurgens."But for customers, it has to be something that does more than security, a price point that’s affordable enough to pull the trigger and make that purchase."
XL Innovate partner Martha Notaras says that the company's investment in Notion is part of its focus on finding innovative companies that can improve the insurance customer experience. Other XL Innovate investments include Slice Labs, which is working on a platform to sell insurance to sharing-economy companies; and Embroker, a modernized digital platform for distributors.
"We looked at a lot of Internet of Things companies, and we see through to Notion's purpose, which is to reduce risk for homeowners and insurance providers," Notaras says. "We see Notion being driven very much by customer experience and customer service on one side as well as delivering the ability for property insurers to make great decisions."
