Parks Associates research finds 40-50% of U.S. broadband households with home or renters insurance are interested in additional insurance services, including 35% who are interested in proactive communication of potential risks.
“A restoration service that repairs damage is the most appealing service among insured households, but there is strong interest in proactive services, which would be enabled by smart home devices and AI capabilities to detect and prevent risk situations,” said Brad Russell, Research Director, Connected Home, Parks Associates.
“Our research also shows a ‘halo effect’ among insurers, where customers are more interested in additional services like smart home solutions if they perceive their insurer to be ‘innovative,’ which a company can accomplish by offering and promoting smart home solutions.”
The webcast will feature findings from the new whitepaper “Leveraging Smart Home and IoT for New Insurance Business Models,” now available for download at the Parks Associates site. This whitepaper examines the crossover opportunities for the smart home and insurances sectors in the U.S. and Europe.
“Connected devices are reshaping the way consumers think about many traditional services and how they interact with their service providers,” Russell said. “These trends in consumer expectations, combined with the wealth of data derived from IoT solutions, are opening significant market opportunities for the insurance industry.”
“At Silicon Labs, we strive to simplify smart home IoT solutions for our customers and the entire ecosystem, and to enable new business models to emerge with as little friction as possible to take advantage of these exciting market trends that Parks Associates has highlighted in their research,” said Silvia Madrigal, insurance business development executive at Silicon Labs.