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"
A survey released Thursday by market research firm Parks Associates suggests that the popularity of connected locks will expand in the next few years from early adopters to households with moderate in...
Lots of folks consider getting a professionally-monitored home security system to protect their house -- but consider this: A new study from Parks Associates found that twice as many consumers intend...
Roku held 37 percent of the market share of streaming media players as of early 2018, a Parks Associates report found, while Apple TV held 15 percent of the market share. Roku maintains dominance thro...
I have, let me see, seven Wi-Fi enabled devices currently running in my home office. That includes a tablet, a smartphone, five laptops, and a Roku streaming the last episode of Game of Thrones. That'...
