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"
Broadband services remain a key driving force in global productivity and communication. Businesses, governments, and individuals continue to rely upon the quality and dependability of high-speed data...
For video service providers, adopting a data analytics solution is fast becoming a must-have but it exposes them to new security and privacy risks. The report outlines the challenges and solutions, wi...
High-income broadband households are behind a recent jump in smart home adoption in Canada, according to new research. A report by Parks Associates, “Smart Home and IoT in Canada,” indicates that 19 p...
Brett Sappington, Senior Director of Research at Parks Associates, says compliance and security considerations are forcing operators to decide whether or not data security should be part of their core...
