1 October 2017 Insurance

A protection tool for your nest: startup Luko

Houses are no longer just bricks and mortar, they are becoming machines in which the occupants can control lighting, temperature and media with the click of a button.

And with this new technology, comes new opportunities to reduce risk in the home.

Raphaël Vullierme is the founder of Luko, a Paris-based insurtech startup focused on protecting “your nest” by bringing telematics to home insurance.

Vullierme is one of more than 20 startup founders discussing the insurance market at the annual Intelligent InsurTECH conference on October 3 in London. Click here to find out more.

Luko uses a small plug and play device, combined with artificial intelligence, to make homes safer.

It analyses electricity consumption and uses machine learning technology to detect home appliances and consumption patterns. Customers then receive a text message if they’ve left the iron, hob, or other electrical devices on when they leave the house.

The company has started with electricity but it’s working on a number of projects including water consumption, and the goal is for Luko to make its way into millions of European homes over the next three years.

“We productise home insurance. It’s not only a contract somewhere in your home, it’s a real protection tool for your nest and something you will use in your everyday life,” explained Vullierme.

According to the founder, Luko is 10 times cheaper than other smart home additions on the market, and is the only smart home solution designed and commercialised for home insurance.

The tool will help home insurers to have more competitive pricing, and to deliver better customer experience in case of claim, he claimed.

“The consumer believes that the claims process will take six months and that because of conditions they didn’t understand, they won’t be reimbursed. This is still the feeling of the consumer even if it’s not the actual reality,” said Vullierme.

He added that Paris-based company does not think of insurance only in terms of risk and coverage, it thinks in terms of client value.

Luko has worked with a lot of insurers recently, finding that the people are well-educated and well aware of the technology issues in front of them.

“It’s much easier to collaborate with insurers now than it was 10 years ago,” he added.

“It’s a big industry with a big appetite. Insurers pour a lot of money into innovation and it’s much better than it used to be but there is still progress to make.”

Luko is one of more than 20 insurtech startups attending Intelligent Insurer’s Intelligent InsurTECH conference on October 3 in London. Click  here to find out more.

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