WHITE PAPER
LexisNexis® Risk Solutions Smart Home and
Internet of Things Consumer Research Report
Insights and strategies
for smart home insurance
programs
FEBRUARY 2020
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LexisNexis® Risk Solutions Smart Home and IoT Consumer Research Report
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LexisNexis® Risk Solutions Smart Home and IoT Consumer Research Report
Table of Contents
Executive Summary ................................................................................................................. 4
Understanding the implications of smart home device adoption .......................... 5
Key findings ................................................................................................................................ 6
Discounts and data sharing: What they mean to consumers ................................................. 6
Discounts oer some motivation to existing smart home device owners to purchase or install devices ......... 6
Many smart home device owners are willing to connect to their carriers to receive alerts and help file claims 7
Consumers expect discounts for sharing data to assist with underwriting and policy pricing ...................... 9
Privacy concerns about sharing data are not limited to insurance ........................................................... 10
The story behind smart home device adoption....................................................................... 11
No single device is driving overall consumer adoption of smart home technologies .................................. 11
Safety and security is the top reason respondents provide for owning smart home devices,
while cost is a perceived barrier ........................................................................................................ 12
How to engage customers in smart home insurance programs ............................................. 13
Most consumers are unaware of smart home insurance program incentives or discounts ........................... 13
Discounts, alerts and event interventions are valuable components of smart home programs .................... 15
Key strategies for boosting smart home program participation ............................. 17
LexisNexis analysis: In the market ..................................................................................... 18
The ultimate question and beyond .................................................................................... 18
How LexisNexis Risk Solutions can help carriers leverage big data....................... 19
Appendix: Smart home devices........................................................................................... 20
About the author ...................................................................................................................... 21
Key findings include:
• Consumer adoption of smart home devices is
notable. Our study focused on nine smart home
devices (see the Appendix). Close to half of the
respondents own at least one device from one
or more of the nine device categories we studied
and several own many.
• Most consumers who already own one smart
home device are willing to purchase or install
additional devices if their carrier oers them a
discount on their home insurance policy.
• Smart home devices meet varied consumer
household needs, including convenience,
energy savings and a desire to have the latest
technology. Safety and security was the top
motivator for 47% of respondents.
• While smart home device adoption is increasing,
consumer awareness of smart home insurance
programs is low. Only 22% of respondents were
aware that carriers had a program.
• 78% of smart home device owners are open
to sharing their data with their insurer. Privacy
remains the chief concern among reluctant
consumers.
The results also point to specific strategies for
addressing each target area: adoption, program
awareness and engagement, and data sharing.
By gleaning insights from smart home device data,
carriers can oer customers more personalized
experiences, products and services while building
customer loyalty and trust. These same insights
can lead to opportunities to reduce risk, better
manage expenses and identify new areas for
business growth.
Overall, our results indicate that smart home
insurance programs are still in the beginning
stages. Carriers that take strategic steps to
better understand their policyholders’ appetite
and adoption of smart devices can respond
appropriately and create a competitive advantage.
Executive Summary
The Internet of Things (IoT) is reaching into consumers’ homes at an accelerating pace. In response, home
insurance carriers are looking to create strategies around how to engage customers and use IoT data to
unleash new business opportunities.
To help carriers better understand the business implications of smart home devices, LexisNexis® Risk
Solutions commissioned a study of 2,500 U.S. consumers. Our survey addressed smart home device
adoption, smart home insurance program awareness, program engagement incentives and data sharing.
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LexisNexis® Risk Solutions Smart Home and IoT Consumer Research Report
Understanding the implications of smart home
device adoption
Consumers have a soaring appetite for smart devices to help them navigate their daily lives. At home,
they’re connecting smart home devices to help them conveniently manage their utilities, protect their
families, and minimize or avoid damage to their property and possessions.
Smart devices and new technologies have unlocked new business models from startups and
incumbents that have a vision for their potential value throughout the insurance customer journey. The
devices and the data they generate are also creating opportunities for carriers to develop new strategies
for engaging consumers and managing underwriting and claims workflows.
To take a closer look at these opportunities, we surveyed U.S. consumers about smart home device
adoption, smart home insurance program awareness, program engagement incentives and data
sharing. The results indicate that with the right strategies, consumers and carriers can benefit from
timely, actionable, smart home data-driven insights.
Here’s what we learned.
About the study
In September 2019, LexisNexis® Risk Solutions commissioned a web-based survey of 2,500 U.S.
homeowner insurance policyholders between the ages of 25 and 65, with a household income of
at least $25,000. Key demographics were monitored to ensure the characteristics of respondents
match U.S. Census demographic distributions. Participants were asked about their awareness and
ownership of nine smart home devices—smart thermostats, lightbulbs, water leak sensors, whole
home water leak systems, smoke detectors, door locks, external facing/outdoor security cameras,
wireless motion security sensors/alarms and doorbells. For more details about how these smart
home devices were described, see the Appendix. Subsequent questions were based on ownership/
non-ownership of these smart home devices.
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Key findings
Discounts and data sharing: What they mean to consumers
Discounts oer some motivation to existing smart home device owners to purchase or install
other devices
Most consumers who already own one smart home device are willing to purchase or install additional
devices if their carrier oers them a discount on their home insurance policy. Although their level of
interest is similar across all device types, owners are most interested in discounts for installing smart
smoke detectors (75%) and smart thermostats (70%). Fewer owners are interested in discounts for water
leak systems (57%) and sensors (60%, Figure 1).
Generally, a lower percentage of consumers who do not own smart home devices (non-owners) are
interested in insurance discounts for installing devices across all categories. However, discounts for the
use of smart smoke detectors, doorbells with video and thermostats appear to oer the most potential
for motivating non-owners to purchase smart home devices.
Figure 1. Smart home device owners are most likely to install a smart thermostat or smoke detector if oered a discount on
their home insurance.
Take action
Consumers appear to be willing to purchase new devices if a discount is oered, so as
carriers better understand the value of specific devices, they should build marketing
campaigns to encourage consumer use. Additionally, carriers should seek partnerships
with popular device makers to bolster marketing, discounts and overall adoption.
Definitely would Probably would Definitely/Probably would not
70%
64%
69%
68% 66%
65%
75%
60%
57%
35% 29% 31% 35% 33%
29%
36%
23%
23%
34% 35% 38% 33% 33% 36% 39% 37% 34%
12%
12%
7%
10%
11%
11%
9%10%9%
Smart
Thermostat
Utility Devices Security Devices Protection Devices
Smart
Lightbulbs
Smart External
Facing/Outdoor
Security Camera
Smart Doorbell
with Video
Smart Door
Lock
Smart Home
Wireless
Motion Security
Sensor/Alarm
Smart Smoke
Detector
Smart Water
Leak Sensor
Whole Home
Smart Water
Leak System
Likelihood of purchasing/Installing devices for an insurance discount among owners
LexisNexis® Risk Solutions Smart Home and IoT Consumer Research Report
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Figure 2. Most smart home device owners are willing to share data with their carriers, but many have concerns.
Many smart home device owners are willing to connect to their carriers to receive alerts and help
file claims
The majority of smart home device owners are willing to connect their device to their carrier to
provide information to aid claims (79%) and for alerts and event prevention (76%, Figure 2). Notably,
very few smart device owners (less than 10%) said they would not share their data.
For Alerts and Event Prevention
For Alerts and Event Prevention To Provide Information to Aid Claims
To Provide Information to Aid Claims
Willingness to connect smart home devices to carriers is even higher among smart device owners with recent
claims. For example, smart device owners who have recently filed a claim are willing to connect their devices
in exchange for alerts and event protection (86%) and to provide information to aid claims (86%, Figure 3).
In addition, four out of 10 say they are definitely willing to connect to a carrier—representing a significant
opportunity for carriers.
Take action
Consumers are willing to let their insurer see and use their data for insurance
purposes. However, they also expect companies to keep their data safe. Carriers
need to address consumer privacy concerns openly and directly. Best practices
include explaining how customer data is collected, protected and used, and complete
transparency about what data is shared, with whom and when. For more than 20
years, insurance carriers have trusted LexisNexis Risk Solutions as a steward of
consumer data—and a trusted partner to safeguard, protect and use consumer data
within regulatory requirements.
Very positive/definitely willing
Somewhat positive/willing but have
some concerns
Somewhat negative/not very willing
Very negative/not at all willing
Very positive/definitely willing
Somewhat positive/willing but have
some concerns
Somewhat negative/not very willing
Very negative/not at all willing
31%
48%
8%
13%
30%
46%
9%
15%
40%
46%
4%
10%
41%
45%
2%
12%
Figure 3. Consumers who have recently filed a claim are more willing to share data with their carrier to receive alerts or get help
filing a claim.
Willingness to connect smart home devices to an insurance company among owners
Willingness to connect smart home devices to an insurance company among recent claim filers
“Data breaches are becoming more and more
common. While it may not be the initial intent, the
data could be used to penalize (raise premium
rate outside of any initial reduced cost incentive)
homeowners for behaviors, occurrences or other
data type the company does not agree with.”
- Concerned Consumer
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Consumers expect discounts for sharing data to assist with underwriting and policy pricing
While many consumers are positive about sharing data with their carrier to receive discounts and alerts,
the majority of smart home device owners (65%) say they would require a discount to share smart home
device data for policy pricing purposes (Figure 4). Notably, 13% of owners would be willing to share data
with their carrier, even without a discount or incentive.
Take action
If carriers want customers to share their data for underwriting and policy pricing
purposes, oering a discount is a strong requirement. However, to avoid a “race
to the bottom,” carriers should also adopt complementary strategies, such as
emphasizing how data sharing could save consumers money by preventing
catastrophic leaks and flooding.
Figure 4. Many smart home device owners are willing to share data with their carrier to assist with underwriting and policy
pricing, but only if oered a discount.
Figure 5. Consumers who have recently filed a claim are more willing to share data with their carrier to assist with underwriting
and policy pricing.
Among all respondents, those who have filed a claim within the past five years are more willing to share
their data than those who haven’t or who have never filed a claim (Figure 5).
57%
10%
33%
55%
13%
32%
64%
14%
22%
65%
13%
22%
I would share my data with my insurer but only
if they oered me a discount or incentive
I would share my data with my insurer and
wouldn’t need a discount or incentive
I would not share my data with my insurer
regardless of a discount or incentive
I would share my data with my insurer but only
if they oered me a discount or incentive
I would share my data with my insurer and
wouldn’t need a discount or incentive
I would not share my data with my insurer
regardless of a discount or incentive
Recent claim Non-recent claim Never had claim
Willingness to share data with an insurance company for a discount or incentive
Willingness to share data with an insurance company among claim filers
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Video capabilities aect how concerned consumers are about privacy violations (Figure 7). Among smart
home device owners, privacy concerns are significantly higher for devices with video (71%) than for those
without video (60%).
Privacy concerns are the main barrier to consumers’ willingness to share smart home data with their
carrier, even if oered a discount. Their main concerns are privacy of their personal information and
concerns about how the information will be used.
Figure 6. Many smart home device owners have privacy concerns about sharing data with their carrier.
Figure 7. Privacy concerns are significantly higher for smart home devices with video included.
Privacy concerns about sharing data are not limited to insurance
Many smart home device owners are concerned about the privacy of their personal information.
However, that concern is not unique to the insurance industry. Respondents expressed concerns about
privacy across industries (Figure 6). In fact, concerns are even greater for other categories such as social
media and banking—which many consumers interact with on a daily basis. Still, it’s an issue that carriers
must address in their smart home insurance programs.
Take action
For many consumers, a discount is not enough to entice them to share data.
Carriers need to bake consumer privacy into smart home initiatives. In addition,
given consumer concerns over video, carriers may consider initiating customer
engagement eorts with smart home devices that lack video capabilities.
Very/Somewhat concerned
Neutral
Not very/Not at all concerned
82%
12%
6%
71%
20%
9%
70%
18%
12%
69%
19%
12%
62%
23%
15%
Social media Mobile/Cell
phone service
providers
Banks/Credit
card companies
Online retailers Insurance
companies
Very/Somewhat concerned
Neutral
Not very/Not at all concerned
71%
19%
10%
60%
23%
17%
Smart home
devices that
monitor with
the use of video
Smart home
devices that
monitor without
the use of video
Level of privacy concerns across categories
Level of privacy concerns for video-enabled devices
LexisNexis® Risk Solutions Smart Home and IoT Consumer Research Report
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Figure 8. Homeowners use a wide variety of smart home devices, with no clear frontrunner.
The story behind smart home device adoption
No single device is driving overall consumer adoption of smart home technologies
Overall consumer adoption of smart home devices is notable. Almost half of the respondents (46%)
have one of the nine devices we asked about in their household—and that doesn’t include consumers
who own other smart devices, such as smart speakers, which are big sellers. Further, consumers who
own one device oen own multiple devices. However, of the devices we surveyed, no single device is
leading the way.
Utility devices such as smart thermostats and lightbulbs are a popular choice, allowing consumers to
control the heating and lighting of their homes remotely using their laptops or smartphone apps (Figure
8). Many consumers own smart security devices (59%), including security cameras, wireless motion
sensors and doorbells with videos, which can also be controlled with smartphone apps and, in some
cases, virtual assistants such as Alexa and Google Assistant. A smaller number of owners have installed
protection devices to alert them to smoke and water leaks.
In nearly all cases (89% or more), owners use these devices as “smart” devices, meaning they access and
control the devices remotely from apps or websites, particularly the device’s app.
Take action
Knowing which devices their customers own can help carriers design the right
programs and incentives. Given the wide range of devices in use, we recommend
carriers work with a trusted partner to gain actionable insights from these connected
devices—freeing them up to focus on their core business, selecting and underwriting
risk, and managing claims.
26%
20% 20% 20%
19%
12%
16%
7%
6%
Smart
Thermostat
Utility Devices Security Devices Protection Devices
Smart
Lightbulbs
Smart External
Security Camera
Smart Doorbell
with Video
Smart Door
Lock
Smart Wireless
Motion Sensor
Smart Smoke
Detector
Smart Water
Leak Sensor
Whole Home
Smart Water
Leak System
Ownership of smart home devices in nine categories
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LexisNexis® Risk Solutions Smart Home and IoT Consumer Research Report
Figure 9. Safety, security and convenience are the reasons provided most oen for owning smart home devices.
Figure 10. Cost is the highest barrier to owning smart home devices.
Take action
While carriers don’t have control over the cost of smart devices, they could
use this information to build programs around specific types of devices that
consumers are already buying. They could also encourage more widespread
adoption by highlighting the core benefits of owning certain smart home devices.
This includes personal and property safety and energy savings, all three of which
have a cost factor.
Safety and security is the top reason respondents provide for owning smart home devices, while cost
is a perceived barrier
When asked for the main reasons why they have a smart home system/device, almost half of the
respondents (47%) revealed they are motivated by safety and security (Figure 9). Other reasons include
the convenience of being able to manage devices remotely (31%) and the opportunity to reduce energy
bills or save money (25%).
Some respondents reported being curious about how smart home technology works (24%) or wanting
to have the most up-to-date systems in their homes (17%).
Consumers who do not own a smart home device are deterred by the cost of devices (58%), by already
having traditional systems that meet their needs (42%) or privacy concerns (26%, Figure 10).
47%
31%
25%
24%
17%
Safety/Security
Convenience of being able to manage/
control while away from home for
routine reasons
Reduce energy bills/save money
Interested in the technology/wanted to
see how it works
Always want to have the latest most up-
to-date systems/devices in my home
58%
42%
26%
Cost too much
Have traditional systems that meet
my needs
Concerned about invasion of privacy
Reasons for owning smart home devices
Reasons for not owning smart home devices
LexisNexis® Risk Solutions Smart Home and IoT Consumer Research Report
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How to engage customers in smart home insurance programs
Most consumers are unaware of smart home insurance program incentives or discounts
Consumer awareness of smart home insurance programs is low. More than three-quarters (78%) of
respondents were unaware of incentives or discounts for installing smart home devices or weren’t sure
if they knew about them (Figure 11).
Figure 11. Awareness of smart home insurance programs and discounts among respondents is low.
Program awareness among smart home device owners is higher than among non-owners (Figure 12).
More than one-third (34%) of smart home device owners are aware of programs oered by insurance
companies that include incentives or discounts for having the device, whereas only 12% of non-owners
are aware carriers oer similar incentives.
Figure 12. Awareness of smart home insurance programs and discounts is significantly higher among smart home
device owners.
Don’t know/
Not sure
Yes
No
16%
22%
62%
Smart device
owners
Smart device
non-owners
34%
12%
Overall awareness of smart home insurance programs
Awareness of smart home insurance programs among owners and non-owners
In addition, program awareness is higher among smart home device owners who’ve filed a home
insurance claim within the past five years. Almost one-third (31%) of recent claims filers know carriers
oer smart home incentives and discounts (Figure 13). Those who have not recently filed a claim or who
have never filed a claim (22% and 18%, respectively) have much lower awareness levels.
Figure 13. Awareness of smart home insurance programs and discounts is higher among smart home device owners who have
recently made a home insurance claim.
Take action
The first step to increasing adoption is to make sure customers know about smart
home insurance programs and incentives. As a starting point, carriers should be
documenting at point of quote, claim and renewal whether policyholders have smart
home devices. Newsletters, marketing campaigns and personal consultations are all
ways to inform customers of the advantages of smart home devices.
Non-recent
insurance claim
Never had a
claim
Recent
insurance claim
31%
22% 18%
Awareness of smart home insurance programs among claim filers
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Discounts, alerts and event interventions are valuable components of smart home programs
When it comes to the specific components of smart home programs, the majority of smart home device
owners (81%) value discounts/alerts (Figure 14). However, many consumers find other interactions
similarly valuable, including their carrier:
• Alerting them when sensors detect water leaks (76%)
• Contacting authorities if a person is detected outside or inside their home (75%)
• Alerting them when sensors detect someone outside or inside their home (74%)
• Automatically receiving incident-related information to speed up claims processing (73%)
While smart home device owners are more receptive to discounts, interactions and other insurance value
delivered through their devices than non-owners, that’s not to say non-owners don’t see the value. More
than two-thirds of non-owners are interested in discounts on their homeowners policy (compared to 81%
of owners), 64% would like to receive alerts about water leaks (76% of owners) and 62% would like their
carrier to take action if there’s an intruder (75% of owners, Figure 15).
Figure 14. Discounts and alerts are seen as the most valuable, but other smart home insurance program components aren’t
far behind.
Figure 15. Smart home device owners see value in a variety of smart home insurance program components.
50%
31%
43%
33%
43%
32%
42%
32%
36%
37%
43%
28%
81%
76% 75% 74%
73% 71%
Discount for
information/alerts
from your smart
home devices
Receive alerts from
insurance company
about water leak in
your home
Insurance company
contacts authorities
to respond to
persons detected
outside/in your
home
Receive alerts from
insurance company
if security sensors
detect persons
outside/in your
home
Insurance company
automatically has
information about
incident in your
home making claims
process faster/easier
Insurance company
turns water o if
water leak detected
Very valuable
Somewhat valuable
81%
67%
76%
64%
75%
62%
74%
60%
71%
59%
73%
57%
Receive discount on homeowners insurance for connecting insurance
company with information or alerts from smart home devices
Insurance company automatically has information about date and
time of incident in home for which you would file a claim making the
claims process faster and/or easier
Insurance company remotely turns water o at your home if water
leak is detected
Receive alerts from your insurance company if security sensors detect
persons outside or in your home
Insurance company contacts police or authorities to respond to
persons detected outside or in your home
Receive alerts from your insurance company about a water leak in
your home
Smart device owners Smart device non-owners
Perceived value of components in a smart home insurance program
Perceived value of components in a smart home insurance program
Take action
Carriers can expect their communications to be well-received by smart device
owners—but communications about savings or extended coverage are likely to have
the biggest impact. They should also experiment with other approaches, such as
tips, alerts and customized reminders, to identify the most desired messages and
their frequency.
Did you know that LexisNexis®
Current Carrier® Property includes
a field to contribute information
on smart home devices?
Current Carrier Property helps you quote and
underwrite more eectively by identifying key
household data, including the use of smart
home devices, and specific risk factors.
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LexisNexis® Risk Solutions Smart Home and IoT Consumer Research Report
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Key strategies for boosting smart home program
participation
Consumer awareness of smart home insurance programs is low, but smart home device adoption is
growing. That creates an opportunity for carriers to educate and inform the market to further boost
adoption, provide valuable benefits to customers and drive engagement, loyalty and retention.
Increasing marketing eorts around existing programs can help drive participation—particularly among
those consumers who already own a smart home device.
Here are some things you can do to get started:
Talk to customers.
Begin asking about smart home devices at time of quote, service and renewal.
Our research uncovered a small group of carriers that are already asking about the
presence of smart home devices, and many are oering discounts. Carriers that
gather data about the devices policyholders own, even in an anecdotal way, can
gain insights they can use to develop loss trends and target customers who might
be interested in specific programs or initiatives. In addition, given that smart home
device programs are still in the beginning stages, even small investments in smart
marketing campaigns can help carriers create a competitive advantage.
Oer meaningful incentives.
Many smart home device owners appear willing to purchase additional devices if
they’re oered an insurance discount. In fact, when asked about connecting their
smart home devices with carriers and sharing their data, many respondents said they
would do so—for the right incentive. We recommend testing a range of incentives,
such as gi cards, discounts and deductible forgiveness.
However, discounts alone may not be enough to persuade non-owners to purchase a
smart home device. For these consumers, you should fully demonstrate the benefits
of the devices and oer other insurance program incentives to get them on board.
Educate yourself on the value of smart devices.
When your organization has a better understanding of the value of specific smart
home devices, you have a clear opportunity to design marketing campaigns that
appeal to consumers.
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LexisNexis analysis: In the market
Beyond our research, we’re encouraged to see the following market trends:
Carriers are actively involved in smart home device pilots.
As part of these pilots, they’re testing ailiate device bundling strategies, primarily
with a focus on loyalty and engagement.
Carriers are eyeing IoT platforms to help them optimize
customer engagement.
They’re also interested in aligning smart home initiatives with consumer buying
preferences around security, energy management and entertainment.
Carriers are gathering data about smart home devices.
They’re asking customers at the time of quote if they own a smart home device—
a good starting point. The next step is to talk about devices with customers at
every touchpoint.
The ultimate question and beyond
Our research uncovers the good news and bad news around how insurance policyholders are adopting
smart home devices. The bad news: consumer awareness of existing smart home insurance programs is
low. The good news: That means putting marketing eort toward programs that are already in place can
help drive participation.
Our research also shows that consumers are willing to share data for the right incentive. Carriers
should experiment with dierent ideas, from gi cards to discounts, deductible forgiveness to “gis”
of incentives to purchase new smart home devices. Consumers also appear to be willing to purchase
new devices if discounts are oered—and existing device owners appear to be more open to purchasing
additional devices. In other words, the right marketing message could help carriers foster ongoing
relationships with smart home device owners.
Similarly, consumers indicate that they’re open to receiving communications of all kinds through
smart home devices. Carriers should be researching and testing dierent messages, frequencies and
approaches, as well as dierent channels—whether smart home device apps or their own.
Finally, carriers should be asking about smart home devices at time of quote, service and renewal. Even
anecdotal evidence about adoption or the types of devices being used can help them develop loss trends
and target customers for discounts, benefits and cross-promotion.
How LexisNexis Risk Solutions can help
carriers leverage big data
The massive amount of data contained in this new ecosystem can be overwhelming for
carriers focused on the core business of insuring risk. It’s hard to know what questions
to ask and where the value lies. That’s why, in the near-term we intend to apply our
tried and true platform skills to tap into the wealth of data from connected devices—
and to deliver insights from that data to our customers.
Using our resources, we’ll identify which data from these devices is most predictive so
that insurers can decide where and how to incorporate it into their existing workflows
and transactions. We’re currently working with device makers to conduct loss
performance studies of common devices pre- and post-installation, and will publish
some of those results in 2020.
To understand how smart home engagement drives insurance shopping behavior
and loyalty, and which devices matter most to loss prevention, we’ll carry out further
research. And of course, we’ll continue to act as a trusted steward of consumer data—
something our business is built on, so that our customers can execute their strategies
with confidence, and their customers can know their private data is safe.
Smart home and IoT device adoption is a win for both consumers and insurance
carriers. As the technologies evolve, consumers will enjoy more streamlined and useful
interactions with their carriers, as well as enhanced personal and property safety
and security. In return, carriers that can leverage digital assets will establish a more
complete view of their customers, enabling them to oer more personalized products
and services, reduce risk, better manage expenses and identify new areas for profitable
business growth.
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Appendix: Smart home devices
Function like programmable thermostats in controlling a
home’s temperature throughout the day but have Wi-Fi
connectivity. Can be controlled remotely using an Internet-
connected device such as a smartphone or laptop.
Provide control of lighting from a centralized location
via an Internet-connected hub or remotely using a
smartphone or laptop.
Allow video to be transmitted and stored on a built-
in storage device or cloud storage. Can be controlled
remotely by smartphone apps or virtual assistants such as
Alexa or Google Assistant.
Operate like traditional security alarm systems, but are
wireless and can be armed, alarmed and managed from a
companion smartphone app.
Capture video and notify a homeowner’s smartphone
or other electronic device when a visitor arrives at the
door. Activate when the visitor presses the button of the
doorbell or when the doorbell senses a visitor with its
built-in motion sensors.
Allow access to a home using a smartphone or key fob
to verify wirelessly and mechanically unlock the door
without requiring a traditional key.
Connect to a home’s wireless network and can send
notifications to a smartphone when the alarm is triggered,
when the battery gets low or if there is a problem with the
sensors in the unit.
Credit card-sized, Internet-connected sensors placed near
high-risk leak areas to alert a homeowner of water leaks
quickly. Can be programmed to send a text message or
push notification when water is detected.
Connect directly to a water pipe to measure flow rate,
temperature and water pressure. Some systems can shut
o water before major leaks occur.
Utility devicesProtection devices Security devices
Our research focused on nine smart home devices:
Smart thermostats
Smart lightbulbs
Smart external facing/
outdoor security
cameras
Smart home wireless
motion security
sensors/alarms
Smart doorbells
Smart door locks
Smart smoke
detectors
Smart water leak
sensors
Whole home smart
water leak systems
LexisNexis® Risk Solutions Smart Home and IoT Consumer Research Report
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Dan Davis
Director, IoT and Emerging Markets, LexisNexis Risk Solutions
Dan Davis serves as Director, Vertical Markets (IoT), Insurance. Dan has been with LexisNexis
Risk Solutions since 2016, where he leads the creation of the value proposition, strategy and
positioning for the LexisNexis IoT platform across Life, Home and Commercial. His insurance
experience includes leadership roles in claims, business development and strategic technology
initiatives in the P&C market. Dan has also served LexisNexis through strategic partnership
management in the emerging markets and soware platform space. Dan has a bachelor’s degree
in Business from Louisiana State University.
About the author
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LexisNexis® Risk Solutions Smart Home and IoT Consumer Research Report
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trademarks of their respective companies. © 2020 LexisNexis Risk Solutions. NXR14240-00-0120-EN-US
For more information, call 800.458.9197 or email
insurance.sales@lexisnexisrisk.com
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental
entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range
of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have oices
throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information-based analytics and decision tools for
professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
LexisNexis can help carriers derive value from
smart home insurance programs
Want to leverage smart home technology to enhance your customer experience, sharpen business
intelligence and improve loss performance? We will use our platform skills to validate the presence
of smart home devices in a household in real time, so you truly understand the end-to-end impact of
smart home devices.
At LexisNexis Risk Solutions, we’re putting the power of our platform behind data from smart
home technologies. We are conducting loss correlation studies to identify claims trends before and
aer smart home devices are installed. And we overlay research like this with our own property
characteristic data to help you better understand the profiles of consumers, households and
properties adopting these devices.
How can we help you?
