Parks Associates’ research study, Insurance Opportunities in the Smart Home, finds that one-third of U.S. internet households with homeowner’s/renter’s insurance would switch providers to acquire smart home devices. The study of 8000 U.S. internet households investigates consumer preferences for IoT devices that can impact insurance premiums or claims and evaluates the opportunity for IoT growth through the insurance channel.
“Insurance is a highly competitive industry, with numerous companies offering similar products,” says Jennifer Kent, VP, research, Parks Associates. “Customers often have multiple options to choose from, making it easier for them to switch to a different insurer. Smart home devices can lure customers from their existing insurance providers and attract customers who are new to the home insurance category.”
“These collaborations enable insurers to reduce risks, enhance customer engagement, differentiate themselves in the market, and tap into the growing smart home technology sector,” says Kent. “It’s a win-win strategy that benefits the insurance industry and homeowners seeking enhanced protection and peace of mind.”
Parks Associates will share this research and more at its 28th annual CONNECTIONS: The Premier Connected Home Conference, May 7-9, 2024, at the Hilton Dallas/Plano Granite Park in Plano, Texas.
From the article, "Research: Homeowners Would Switch Insurance to Those That Offer Smart Device Discounts"
One in five internet households report being “highly sensitive” to how TV content providers collect and use data about family members and their activities, according to the latest research from Parks...
Parks Associates, a market intelligence firm, claims that while connectivity is still in its infancy, it is moving along rather quickly. “We’re moving past the early adopter phase of connected cars,”...
Parks Associates says that as smartphones and tablets become the norm at most organizations, organizations are beginning to deploy wireless display technology in the workplace. “It used to be that...
40 million people are already driving cars with some connected features, most of them connecting through your smartphone. Plus, 64% of people who have a broadband connection at home want a built-in co...
