New solution simplifies device data extraction to help U.S. insurers improve product offerings
ATLANTA, Oct. 26, 2020 /PRNewswire/ -- LexisNexis® Risk Solutions and Yonomi have joined forces to develop an innovative turnkey home insurance Internet of Things (IoT) solution. The proof of concept will include a smartphone app that participating policyholders can download at the request of their insurer. The app uses smartphone and device sensors to find common IoT devices in the home, creating a data feed to LexisNexis Risk Solutions. The insights collected, such as utilization statistics and loss correlation trends, will be packaged and provided to the insurer.
According to recent LexisNexis Connected Home and IoT research, 78% of connected home device owners are willing to share data from their devices with their insurance companies to assist in policy pricing, which shows that consumers are ready to bring connected home technology into their insurance experience. While many insurers are embarking on strategies that include shipping devices to customers, opportunities exist to leverage the devices that consumers already own without adding another level of complexity.
"Our analytics capabilities serve as the bridge between these new data sources and insurance companies across the market," said Dan Davis, director of IoT and emerging markets, insurance, LexisNexis Risk Solutions. "We're beginning to learn a lot about the impact that device deployment strategies are having on loss cost and retention, but shipping devices can be a costly strategy. Yonomi's platform lets insurers begin executing on connected home trials in a more turnkey way."
In addition to its cloud capabilities, Yonomi also offers a smart home platform that consolidates more than 300 IoT devices across 36 brands and over 20 device categories, allowing users to manage their connected home technology all through one app on their phone. By adding analytics capabilities from LexisNexis Risk Solutions to the process, insurers will be able to mobilize their customers' connected home data, collected with the customer's consent, through existing product channels such as LexisNexis® Property Data Prefill or LexisNexis® Current Carrier Property. This allows consumers to not only realize the value of their connected home data in real-time but also creates data portability if and when they switch carriers.
"Yonomi has an extensive history of collaborating with innovative companies to provide transformative connected home experiences. This opportunity with LexisNexis Risk Solutions allows us to provide beneficial tools and services to a wide range of insurance carriers and their customers," said Yonomi co-founder and CEO Kent Dickson. "The ease of use plus potential cost savings for the customer gives them an incentive to share their data, which in turn increases value for the insurers."
The solution creates a platform where consumers can access benefits like lower premiums or deductible savings. The connected home has the potential to unlock new opportunities for consumers and insurers. Selecting partners who can help collect and manage data in a trusted way, and who can define and deliver insights through existing product channels, can be a helpful part of every insurer's IoT strategy.
About LexisNexis Risk Solutions
LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers across industries. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
Yonomi is the simple smart home integration platform. We make it easy for innovators to build great apps and devices that connect with the smart home. The Yonomi Platform simplifies interoperability throughout the connected home ecosystem. From cloud connectivity for consumer products to powering hundreds of third-party device integrations, Yonomi enables its customers to engage consumers with unique branded experiences in homes across the globe. Visit http://www.yonomi.co to learn more.
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SOURCE LexisNexis Risk Solutions