Pepper, a US-based consumer IoT Platform as a Service (PaaS), has partnered with Embedded Insurance to offer consumers cyber insurance protection against digital threats such as financial fraud and cyberbullying. This service is available through the same app that controls their connected devices.
“The Pepper platform is about so much more than just a way to power connected devices, so we’re proud to partner with Embedded Insurance to ultimately make it easier for consumers to obtain cyber insurance while offering our partners a chance to add value to the products already in so many homes today,” says Scott Ford, the CEO of Pepper.
Pepper’s IoT platform allows partners to offer their customers cyber insurance, enabling them to take advantage of a revenue share model while providing end users with another layer of protection against cybercrime. Losses from cybercrime in 2022 were estimated to be $10 billion, according to the FBI.
The companies claim that the cyber insurance policies offer comprehensive digital protection for a low monthly cost, covering threats such as cyber financial fraud, extortion, bullying, identity theft, data restoration and device replacement.
“While we’re starting with cyber insurance, our long-term strategy is to add new offers and services to the Pepper platform to create a richer and more personalized smart home experience for consumers while unlocking new revenue streams for Pepper and our partners,” adds Ford.
Pepper provides an IoT platform as a service (PaaS) solution for businesses, enabling them to easily develop, manage and monetize connected solutions, the company says. This includes device manufacturers and insurance carriers. The company claims its white-label approach removes obstacles for consumer IoT and speeds up the time it takes to bring products to market.
Many IoT devices have had security issues, and low-cost consumer electronics can be particularly vulnerable because manufacturers are worried about production cost more than vulnerabilities. Adding cyber insurance to a platform offering is an interesting way to offer consumers a “value-add” in the form of reassurance that the product is well designed, while manufacturers will eventually have the ability to offer new services their customers — and adding some much-needed profit margin.
consumer electronics | cyber insurance | device | IoT | Pepper IoT | security