LexisNexis Risk Solutions and Yonomi Smart Home have collaborated to develop a 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 the companies.

[Image courtesy: Yonomi]