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"
Media research firm Magrid has found that 26% of millennials share passwords for video streaming services, while Parks Associates predicts that in 2021, $9.9 billion of pay-TV revenues and $1.2 billio...
The pandemic's stay-at-home habits and the rise of streaming have conspired to create a strong appetite for watching new movie releases at home instead of in theaters. Parks Associates research indica...
Illustrating the insurgent competitive pressure being faced by incumbent pay TV operators, Parks Associates released a report today suggesting that there are more than 200 OTT services currently opera...
Parks Associates, a research firm that tracks the connected home, found in a recent survey that one-third of U.S. broadband households use a free, ad-based streaming service, up from 24% a year earlie...
