twingz – Smart energy management and loss prevention

The jubilant seven-person team from twingz, a start-up with a double-edged business model: smart energy management for consumers and loss prevention for insurers.

twingz is a smart IoT start-up from Vienna that aims to make electricity provision safer and more intelligent. Its double-edged business model addresses not only insurers and power suppliers, but also end consumers.

These beneficiaries can make significant energy savings using twingz’ products and the associated software solution, but the system also allows real-time analysis of system, consumption and behaviour data. Power suppliers, property managers and even insurers can – with the users’ consent – access this data and forecast their energy buying, create risk profiles or use the data for loss prevention purposes.

What makes the twingz system special

At the heart of twingz’ system are predictive analytics cloud services and a meter reading device which is already installed in 30,000 customers’ properties as an “energy fitness tracker”. But it is the innovative data-processing program in the background that holds the real added value for commercial and private customers: Those who get their electricity from renewable sources stand to save up to €450 per household per year by using intelligent energy-efficient consumer profiles. Commercial users are offered “prediction as a service” and can receive processed data on energy consumption, risk-behaviour patterns and defective appliances.

A promising USP

As pioneers in this area, the twingz team has acquired a number of renowned partners. Critical energy and risk data coupled with analytic predictions help these partners improve their forecasts by up to 80%, saving money and ultimately also CO2 emissions. “twingz’ technology not only has the potential to make energy saving smart and thus save resources through scalability, it also offers insurers insights into energy security, usage and consumption. twingz is even convinced that high-rise fires such as those in London over the summer of 2017 could be prevented in this way and policy benefits adjusted in the end consumers’ favour”, says twingz CEO Werner Weihs-Sedivy.

A compelling pitch day performance

At the pitch day held at Berlin’s EUREF-Campus, the start-up made a decidedly competent impression, demonstrating its extensive knowledge of big data, smart-metering technologies and of current developments on the energy market. As a “Stage 3 start-up” in the Climate-KIC accelerator, the five-person team is looking forward to testing more insurance products with Munich Re and ERGO and tapping into the expert knowledge of staff members from both groups.

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