A new study conducted by the Insurance Information Institute (Triple-I) and Whisker Labs, with support from Octagram Analytics, indicates that IoT-based fire prevention technology reduced a broad category of non-catastrophic fire claims by an estimated 63% within three years of installation.
The analysis, identified as the first comprehensive quantitative assessment of home IoT claims reduction efficacy, focused on Ting, a home fire prevention solution developed by Whisker Labs. The study found that Ting led to 0.39 fewer fire claims per 1,000 home years of experience, translating into a fire claim reduction benefit of $81 per customer per year by the third year.
Patrick Schmid, chief insurance officer at Triple-I, commented on the findings, stating that the study provides concrete evidence of the value that telematics technology can deliver as property/casualty insurers increasingly focus on predicting and preventing costly damage. Schmid noted that while IoT solutions have gained traction, rigorous analysis of claims reduction has been less common until now, with this analysis clearly showing Ting reduces claims and offers a positive return on investment for insurers.
Ting helps protect homes from electrical fires by utilizing advanced AI to detect arcing, which is a common precursor to most electrical fires. Connected to a single outlet, the device analyzes 30 million measurements per second, examining voltage at high frequencies to identify minor electrical anomalies and power quality issues. These hazards can originate from in-home wiring, connected devices and appliances, or external utility power. On average, Ting detects and mitigates fire hazards in one out of every 60 homes it protects.
Bob Marshall, CEO and co-founder of Whisker Labs, emphasized the company’s mission, stating that Ting is focused on saving lives and homes. He added that by analyzing verified claims data over time, the analysis demonstrates that the technology benefits families while also providing a strong financial return for insurers, underscoring that prevention is beneficial for all parties. The device also includes temperature monitoring, issuing alerts when temperatures drop below 42 degrees to prevent frozen and burst pipes, with warnings issued to approximately one in 560 customers annually over the past three years.
The research team developed a self-controlled study methodology to overcome challenges related to limited data and sampling bias. This approach assessed claims over time in homes where Ting was installed, designed to measure real-world performance using existing customer and experience data. Stan Heckman, chief scientist at Whisker Labs, explained that the challenge was to demonstrate that claims did not occur, effectively
