Mitsui Sumitomo prepping AI-powered home protection service
Mitsui Sumitomo prepping AI-powered home protection service | Insurance Business Asia
Insurance News
Mitsui Sumitomo prepping AI-powered home protection service
Firm plans to delve into the smart home business
Insurance News
By
Kenneth Araullo
Mitsui Sumitomo is set to unveil a pioneering security service next month, combining cameras and artificial intelligence to detect potential home intruders, according to sources familiar with the initiative.
According to a Kyodo News report, this development comes as the company aims to broaden its scope beyond its primary property insurance domain and venture into the realm of smart home services.
In response to Japan’s projected decrease in the insurance market due to a declining population, the firm is looking to diversify its revenue streams. Sources indicated that they anticipate a surge in demand for home security services.
Mitsui Sumitomo intends to establish the monthly service fee at JPY2,980 ($20), positioning it below the pricing typically offered by conventional home security service providers. This lower fee structure is made feasible by forgoing the deployment of security personnel in the event of an intrusion, a practice common among major residential security service firms.
Initial costs for each unit are estimated to be around JPY100,000, covering the camera and installation expenses. The AI-powered security camera reportedly has the capability to distinguish between humans, animals, and vehicles, instantly notifying users of potential disturbances via their smartphones. Users can communicate with individuals near the camera using a built-in speaker or activate a siren if necessary.
Sources said that plans for the company include expanding their smart home services by introducing internet-connected entrance locks, intercoms, and other related products. Mitsui Sumitomo is also contemplating selling the system in conjunction with fire insurance as part of their future offerings.
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