How insurance companies benefit from using white label IoT products to innovate their business
Keeping up with the direction of the industry and integrating digital innovations into the business is more crucial now than ever for insurance companies.
To keep the market share from new technology-led players entering the industry continually, insurance companies need to focus their attention on user experience and personalized offerings. By integrating the Internet of Things (IoT) into the business, new opportunities open in relation to customer acquisition, loyalty, and retention.
When integrating the IoT into an insurance business, there is the option to build a complete insurtech solution from scratch. Another option is to opt for market-ready hardware products. By using white label hardware, the insurance company will avoid lengthy and costly product development processes while getting a customized solution.
Interested? Explore this option further here.
Table of contents:
- What is white label hardware?
- Benefits of using white label hardware for insurtech solutions
- 3 steps to get started with your insurtech solution including white label hardware
What is white label hardware?
White label hardware is products produced by one company without any branding and sold to other companies that add their brand. This way, the end-users will associate the hardware with the reseller of the products instead of the manufacturer.
In the field of insurtech, white label hardware includes the hubs that collect data from end-devices and distribute the data to a cloud. Among the end-devices ideal for insurance companies are smoke alarms, water detectors, and burglar detection sensors.
Want to know more about white labeling? Get more information here.
Benefits of using white label hardware for insurtech solutions
- Focus on your core competencies while innovating your business
For insurance companies, plunging into IoT hardware development can easily seem overwhelming. Instead of spending your time on product development, testing, validation, and certification processes, you can keep doing what you do best while innovating your business and meeting the requirements of today’s insurance policyholders.
By opting for white label hardware, you will shorten the time to market of your insurtech solution tremendously, meaning that you will get a fast return on your investment and be able to outpace your competitors.
- High level of reliability with mature, market-ready hardware
The reliability of an insurtech solution is crucial. False alarms and loss of connection can have costly consequences. When bringing new hardware to the market, the likelihood of experiencing these issues is higher than with hardware that has been tested and validated in large volumes.
By using mature white label products for your insurtech solution, you will minimize the risk of providing your customers with a faulty solution. When partnering with a white label provider, it is important to choose experts within their field to get high-quality hardware for your solution.
3 steps to get started with your insurtech solution
- Define the services you would like to offer your customers
Step one is to decide which services you would like to offer as part of your insurtech solution. As the services determine the types of data you need to collect from your customers, you have to settle on these in order to define the hardware you need for your solution.
- Find the right provider of white label hardware to match your needs
Step two is to find a white label supplier of the right hardware. It is time to do some research. In this process, you will benefit greatly from testing the hardware yourself before committing to a long-term partnership with a white label provider.
- Customize the hardware to make it fit your business
When you have decided which services you would like to offer and found the right match in a white label supplier, it is time for you to start customizing the hardware to make it appear as your own.
Ask your white label provider to guide you in this process and get the material you need to add your visual identity to the hardware.
Develco Products is an experienced provider of white label hardware ideal for insurtech solutions. Our product portfolio includes hubs, sensors, alarms, smart plugs, and much more. All the wireless devices are white label products, providing you with the possibility to customize them in several ways. Take a look here.
