A research study by Parks Associates evaluated insurance opportunities in smart homes and found that 33% of U.S. households with internet would switch their homeowners or renters insurance provider to access smart home devices and discounts. The study surveyed 8,000 people to evaluate how Internet of Things (IoT) technologies could impact insurance premiums or claims. They found many policyholders want to upgrade their homes and improve safety and security with smart home devices.
“Insurance is a highly competitive industry, with numerous companies offering similar products,” said Jennifer Kent, vice president of research at 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.”
Homeowners are recognizing the benefits of these technologies for fire prevention and are willing to switch insurers to access them, according to the Parks study.
From the article, "Smart home devices may lure insureds to new insurers" by Ashley Hattle-Cleminshaw
However, familiarity has at least tripled since the introduction of smart home devices through the residential security industry — real progress. New market entrants and improved iterations of existin...
At last tally, Apple ranked fourth behind Roku, Amazon and Google in terms of streaming media player market share in the U.S., according to Park Associates. In other Apple TV news, SiriumXM just re...
In the home, Parks Associates estimates that nearly 50 percent of U.S. broadband households use a personal assistant through an application or dedicated device. And currently 10 percent of U.S. broadb...
Recently, Parks Associates tested consumer interest in smart home devices that can detect potential damage or loss due to water, fire, and theft and then notify the homeowners and/or take automated st...
