Security and AI Meet Smart Homes: Mitsui Sumitomo’s Industry-First Service
The Japanese insurance giant Mitsui Sumitomo Insurance Co. (MSI) will offer an AI-powered security service that pairs cameras and artificial intelligence to detect and prevent home intrusion, starting next month. The MSI plan also includes expanding its smart home services beyond its mainstay property insurance business, entering the home security services market as demand for such services surges.
The service comes in conjunction with market predictions that Japan’s insurance industry is expected to decline in line with the country’s shrinking population. As a result, MSI aims to boost its revenue sources by diversifying its service line and introduce innovative services like smart home security to capture a wider market share.
AI-Powered Security on a Budget: Altering the Affordable Security Solutions Market
The MSI AI security camera pairs with a smartphone app that notifies users of possible disturbances. The solution also comes with a built-in speaker for users to talk to a person near the camera or trigger an alarm. The AI algorithm can identify humans, animals, and vehicles with high accuracy and is capable of distinguishing genuine disturbances from false positives, making the service highly reliable. Moreover, the sub-3000-yen monthly fees set by MSI gives customers an affordable option, as conventional home security providers’ charge higher fees that may not fit some customers’ budgets.
This move by MSI is likely to disrupt the affordable security solutions market, where technology firms have been aggressively expanding their product lines aimed at providing cost-effective and holistic home security systems. MSI’s combination of affordability and high-quality AI-based security solutions is a clear indication of the firm’s readiness to pose stiff competition to the affordable home security solutions market incumbents.
Expanding the Smart Home Industry: A Move towards Interlinked Products and Services
The launch of the MSI security service is just the beginning towards the insurance giant’s goal of capturing the smart home industry. The firm has plans to introduce home automation and monitoring services like the internet-connected entrance locks and intercoms, among other products. MSI’s MS Life Connect platform will serve as the link between the various AI-powered smart home devices, and customers can access the product lines via their smartphones.
The MS Life Connect platform is being developed in partnership with Alarm.com, a U.S. home automation and monitoring service firm. Beyond the smart home industry, MSI is considering pairing the products with their fire insurance policies, giving customers broader insurance coverage options.
Opportunities for MSI’s Future Growth
MSI’s entry into the smart home industry through AI-powered security services is a wise move that will position the insurance firm for future growth. With market reports indicating a projected growth of the home automation and monitoring system industry, MSI’s positioning in this market will enable it to capture a share of the profits expected to reach $78.3 billion by 2025 by introducing innovative products to serve the evolving market.
The insurance firm’s move serves as a demonstration of the rising popularity of AI and the internet of things in the security industry, and other players may follow suit in providing innovative cost-effective security solutions. The introduction of the MSI’s budget-friendly security service presents an opportunity for customers to access high-quality security services in a field that has conventionally bartered quality for cost-effective solutions.
Concluding Remarks
MSI’s industry-first product is an indicator of the need for innovative and cost-effective security solutions in the market. By leveraging the rising trends of AI technologies and the internet of things, the firm is undoubtedly positioning itself to capture a share of the rapidly growing smart home industry. Beyond the AI-based security solution launch, MSI’s MS Life Connect platform’s plans to link various smart home devices and the possibility of pairing with its fire insurance policy provides the firm with opportunities for future growth.
Originally Post From https://japantoday.com/category/tech/mitsui-sumitomo-insurance-to-offer-ai-security-camera-service
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