Mitsui Sumitomo Insurance, a Japanese insurance giant, is set to launch an innovative home security service next month. This groundbreaking offering combines cameras with artificial intelligence (AI) to detect potential intruders, as the company aims to diversify its revenue sources and tap into the growing demand for smart home services.
With Japan’s insurance market expected to decline due to the shrinking population, Mitsui Sumitomo Insurance is actively seeking new avenues for growth. The company believes that the adoption of home security services will increase, presenting an opportunity to expand its business. To make the service more accessible, the company plans to offer it at a monthly fee of 2,980 yen ($20), which is lower than what traditional home security service providers charge.
Unlike major residential security firms that dispatch security guards in case of disturbances, Mitsui Sumitomo Insurance’s service relies on AI technology. The AI security cameras are capable of identifying humans, animals, and vehicles, and will promptly notify users of any possible disturbances through their smartphones. Moreover, users can also communicate with people near the camera through a built-in speaker or activate a siren if necessary.
The company intends to further expand its smart home business by introducing internet-connected entrance locks, intercoms, and other related products. All of these devices will be seamlessly integrated on a platform called MS Life Connect, which can be accessed via smartphones. Mitsui Sumitomo Insurance is collaborating with Alarm.com Inc., a leading U.S. home automation and monitoring service firm, to develop this comprehensive system.
In addition to offering standalone security services, Mitsui Sumitomo Insurance is considering bundling the system with fire insurance. This approach will provide customers with comprehensive coverage for both home security and fire-related incidents.
As Japan’s insurance market faces challenges, Mitsui Sumitomo Insurance is taking bold steps to embrace innovation and meet evolving customer needs. By leveraging AI-powered technology and strategic partnerships, the company aims to not only protect homes but also offer a range of smart home solutions. With the upcoming launch of its AI-powered home security service, Mitsui Sumitomo Insurance is poised to capture a significant share of the growing smart home market in Japan.
