KANSAS CITY, Mo.--(BUSINESS WIRE)--Pepper, a U.S.-based consumer IoT Platform as a Service (PaaS), has announced the availability of cyber insurance through a partnership with Embedded Insurance. By leveraging Pepper’s IoT PaaS, partners are able to offer consumers value-add services, such as video storage and cyber insurance, in a seamless, integrated experience through the same app they use to control their connected devices.
The threat of cybercrime continues to grow for US consumers with more than 422 million victims reported in 2022 by the Identity Theft Resource Center. Additionally, the FBI estimates total losses topped $10 billion last year. As the need for cyber insurance increases, partners leveraging the Pepper IoT platform to power their connected consumer products can now offer end users the option to protect themselves from this growing threat. As a result, Pepper’s partners may be able to take advantage of a unique revenue share model while offering value-add services to end users.
With just a few clicks, consumers can sign up for a cyber insurance policy that offers superior digital protection. For a monthly premium starting at $5.28, consumers can protect themselves from a wide range of the most common digital threats, including:
- Cyber financial fraud – Cyber attacks resulting in stolen financial account funds, fraudulent charges on your payment card, or your U.S. tax refund is paid to someone pretending to be you.
- Cyber extortion – Cyber attacks in which someone threatens to share, destroy, use, or restrict you from using electronic data or electronic devices unless you pay a ransom.
- Cyber bullying – Harassment or intimidation more than once involving the use of an electronic device leading to wrongful termination, false arrest, unfair discipline by an educational institution, or being unable to attend work or school for more than a week as a result of suffering mental injury.
- Identity theft – Someone illegally uses your identity without your consent, usually for financial gain.
- Data restoration – Cost to restore electronic data damaged by a cyber attack or cyber failure.
- Device replacement – Cost to replace or fix electronic devices damaged by a cyber attack or a cyber failure.
“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,” said Scott Ford, CEO of Pepper. “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.”
Pepper’s full-stack IoT PaaS helps businesses develop, manage, and monetize connected solutions. From device manufacturers to insurance carriers, Pepper partners with companies providing white labeled solutions to break down barriers for consumer IoT and accelerate speed to market.
Pepper is the leading IoT platform that enables brands, manufacturers, retailers and service providers to deliver smart home solutions to their customers. The US-based Platform-as-a-Service (PaaS) with real-time video streaming provides an easy and cost-effective way for businesses to quickly launch and monetize products and services. With the addition of Notion smart monitoring (acquired December 2022), Pepper expands their insurance offering providing comprehensive, turn-key smart home programs. For additional information, visit: pepper.me.
About Embedded Insurance
Embedded Insurance enables the distribution of insurance at the point of need by partnering with distributors and insurers to develop and target consumer segments, helping create value and enhance peace of mind. An innovative platform that revolutionizes the legacy insurance model to a seamless customer experience at the point of need. Simply put, we make sure we’re in the right place at the right time. To learn more about Embedded Insurance®, visit www.ei.tech.