(Image source: Yonomi home page.)
Flo by Moen (Los Angeles, the smart water management and leak detection firm, and Yonomi (Austin, Texas), provider of a smart home integration platform, have announced a partnership whereby Yonomi will automatically notify participating insurance carriers if a device within the Flo by Moen Smart Water Security System is installed and active in a consumer’s home. The partnership follows a July 8 announcement that Moen had taken a majority ownership in Flo Technologies.
“Flo by Moen helps to protect homeowners from devastating water damage and costly leaks, greatly reducing their risk profile to insurers,” comments Paul Vacquier, VP corporate operations, Flo by Moen. “By partnering with Yonomi, we’re able to provide property insurers with the real-time smart home telematics data they need to pass along discounts and incentives to their customers.”
The partnership addresses the challenge insurers face in engaging with customers to fully realize the potential of smart home devices for the insurer/policyholder relationship. The challenge for insurers today is verifying the installation and ongoing operation of these devices. A further hurdle is that device identification, installation, and verification is an unstandardized process among the various smart device product manufacturers. With the Yonomi platform, data points verifying a device’s installation are readily surfaced, enabling insurers to provide value through services and discounts with more assurance, the vendor says. From water shut-off, leak detection, smoke detectors, and other metrics, simply knowing that these devices are on and working can help to reduce costs for both insurers and their policyholders.
LexisNexis Risk Solutions conducted a study on Flo by Moen and found that using the leak detection system reduced water claims events by 96 percent and reduced the severity of the claim by 72 percent one year after device installation.
Beginning with Water Detection, Expanding to Other Devices
“Through our platform, insurers will now have the power to correlate claims and losses with actual smart home device usage,” comments Kent Dickson, CEO, Yonomi. “Beginning first with the Flo by Moen Smart Water Security System, and expanding to more devices like motion sensors, smoke detectors, thermostats, and much more, our aggregation platform makes device verification easy.”
With smart home products, carriers will be able to adjust risk rates and customer profiles according to device availability in the home, a Yonomi statement says. “Smart home devices have opened the door to insurers for new engagement models, whether that’s discounts on services, rebates on products, or renewal incentives,” the statement adds. “Now through this new partnership, insurers can gain new insights about how these programs are performing.”