This is the first in a series of blogs discussing connected homes.
Think of it as telematics, but instead of impacting auto insurance, it’s all about insuring homes.
A connected, or “smart,” home links multiple devices ranging from entertainment (smart tvs) to security, automation to health monitoring in a single network to allow homeowners to control and monitor their home – and possessions inside of it. Home insurers are now beginning to collect data from smart homes. Combining data from smart home technology with advanced analytics will help home insurers achieve better risk profiling, resulting in more accurate pricing.
The challenge to applying the available data to a carrier’s business strategy has been challenged by the myriad devices – and vendors – currently on the market. Smart home devices don’t always speak the same language.
In the vlog entry below I share how LexisNexis standardizes and normalizes data to help home insurers better interpret and score it, and use it to create a more accurate risk profile, and improve acquisition and retention tactics.
For more information about how connected homes are impacting the insurance industry, download the Are You Prepared for the Insurance Data Tsunami? white paper on the recent LexisNexis IoT and the State of the Insurance Industry Study.