Property insurance, meet Google Cloud...
Google-parent Alphabet (GOOGL) is teaming up with Silicon Valley's BlueZoo to expand its cloud-based business. The Internet-media giant is hoping to boost revenue for its big-data unit by tapping into a new market – property insurance.
BlueZoo's technology allows commercial-property insurers to more accurately asses risk. They have made it their mission to leverage our data and artificial intelligence products to build new and more accurate ways of measuring building occupancy to reduce insurance costs, improve building safety, and reinvent how people think about buildings. Through its data-collection tools, it can help insurers predict risks while simultaneously helping the insured take preventative steps to reduce those same risks. This can cut policy costs and payouts, boosting profitability.
BlueZoo uses sensors installed in the ceilings of buildings that pick up Wi-Fi probes from cellphones. These probes allow the company to measure occupancy of any given space in addition to traffic patterns. The data will then be collected and analyzed by Google's cloud-computing services.
According to the Wall Street Journal, the occupancy data collected by BlueZoo is 90% more accurate than the traditional means of gathering this information.
Google wants to expand its cloud-computing business. It's currently the third-largest vendor in the space, behind Amazon's AWS and Microsoft's Azure. Alphabet is hoping expansion into previously untried markets will reveal a new revenue stream... and boost overall market share.
This aligns with the ongoing trend of businesses employing technology to improve efficiencies. As software and hardware products mature, they're being employed to drive efficiencies across a host of industries, from transportation to hospitality.
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