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
Revenue from sports streaming and cable subscriptions in the US is expected to increase from $13.1 billion last year to $22.6 billion by 2027, according to intelligence firm Parks Associates. From...
Over the last few years, monthly spending on streaming subscriptions has declined 25% from $90 in 2021 to $73 in 2023, according to data from Parks Associates. Increasingly, viewers are opting for ad-...
Elizabeth Parks, president and chief marketing officer at market research firm Parks Associates, says that consumers expect Uber-like experiences where technology is built in the experience and works....
Perhaps due to the popularity of Ring, 20% of U.S. internet households now have a video doorbell, according to Parks Associates. New research reveals that 20% of U.S. internet households now have a...
