August 29, 2018

This is the second in a series of blogs discussing connected homes.

Connected devices are changing the way millions of homeowners go about their daily lives. Smart home technologies cover a range of services that focus on home security monitoring and remote and automated control of doors, windows, blinds and locks, heating/air conditioning, lighting and home appliances. Massive amounts of smart home data are being exchanged over the internet via sensors embedded into connected devices (Internet of Things). But what exactly is this data reporting?

In the video below, I talk about the two main types of data available from connected, or smart, home devices. The first is confirmation data, meaning that the device is on, active, and sending signal that can be confirmed, like for a home security system. The second is usage data, the stream of information that gives insight into the insurance customer’s lifestyle habits, such as water flow sensors and smart thermostats.

The proliferation of this data is changing the role an insurer has in a customer’s life, beyond filing a claim or renewing a policy. By partnering with a company, like LexisNexis Risk Solutions, to standardize and normalize data, an insurer may be able to provide services proactively, and ultimately strengthen their relationship with customers.

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.