Flo by Moen, the leaders in smart home water security, and Yonomi, the simple smart home integration platform, announced today a new partnership to accelerate innovation in the insurance industry. The new partnership lowers the barrier of entry for insurance carriers seeking to leverage the smart home by simplifying the smart device installation and verification process for both the consumer and the insurer. Powered by the Yonomi Platform, which supports over 1 million users globally, Yonomi will automatically show participating carriers if a device within the Flo by Moen™ Smart Water Security System is installed and active in the consumer’s home.
The Flo by Moen Smart Water Security System, comprised of the Flo by Moen Smart Water Detector and the Flo by Moen Smart Water Shutoff, offers peace of mind and puts users in control over their water supply system to help detect and prevent leaks, as well as monitor water usage, all from the convenience of their smartphone.
“Flo by Moen helps to protect homeowners from devastating water damage and costly leaks, greatly reducing their risk profile to insurers. 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,” said Paul Vacquier, vice president of corporate operations at Flo by Moen.
Smart home devices provide capabilities that have the power to transform the insurance industry. 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. From water shut-off, leak detection, smoke detectors, and more, simply knowing that these devices are on and working can help to reduce costs for both insurers and their policyholders.
In fact, 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.
“Through our platform, insurers will now have the power to correlate claims and losses with actual smart home device usage,” commented Kent Dickson, CEO of 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. 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. Now through this new partnership, insurers can gain new insights about how these programs are performing.
For additional information on Yonomi, visit yonomi.co.