Bitesize InsurTech: Kraydel
December 5, 2019
Kraydel turns TVs into interactive communication devices that connect elderly people with their families.
Kraydel provides users with a device that sits on top of their televisions. This enables the following functionality:
- A sensor to notify families when the resident has entered the room (e.g. in the morning)
- Notification on the television of messages sent by the family (effectively SMS display)
- Notification of automatic messages (e.g. “go to doctor now”)
- Video and voice calls
Installation takes thirty seconds according to incoming CEO Amer Fasihi and a smart TV is not required for the software to work. Kraydel has the ability to integrate with other home sensors via a Bluetooth chip to act as an IoT platform.
The company’s target users are the elderly, and the functionality is intended to address three issues: for the user it increases social engagement; for the family it brings peace of mind, and for service providers (like doctors) it offers better access to customers.
The firm is currently working with RGAX (who have also invested in them) to develop an insurance proposition. Kraydel has started field trials with the NHS (and others) and plans its commercial launch in March 2020.
The Oxbow Partners view
In the UK there are nearly 12 million people over the age of 65, with projections suggesting that in fifty years there will be an additional 8.6 million aged 65 years and over. Much public discussion is focused on care homes but many readers of this blog will welcome a solution that allows elderly people to remain in their home for longer.
Though Kraydel is focused on the elderly at the moment, the company’s technology has applications across several other demographics such as supporting those living with disabilities or learning difficulties. There are also almost 2 million people in the UK who suffer from loneliness who could be helped.