Parks Associates: Nearly 50% of U.S. Broadband Households With Insurance Are Interested in Devices That Communicate Directly With Their Insurance Company

DALLAS, May 15, 2018 /PRNewswire/ -- Parks Associates research indicates almost 60% of U.S. broadband households with insurance are likely to buy smart home devices with detection/prevention features and nearly 50% of U.S. broadband households with insurance are interested in having loss detection/prevention devices that communicate directly with their insurance company.

The research firm will address insurance opportunities for the connected home and discuss successes and challenges in engaging consumers with smart home solutions through insurance providers at CONNECTIONS™: The Premier Connected Home Conference on May 22-24 in San Francisco, California. The event features two special sessions, "Smart Insurance: Mitigating Risk and Engaging Consumers" and "Insurance and Home Services: Being a Trusted Advisor," with executives from AmTrust North America, Hippo Insurance, LeakSentinel, Roost Labs, Swiss Re, and Verisk Analytics.

"Twenty to thirty percent of U.S. broadband households are very interested in receiving additional services from their insurance provider, depending on which service, "said Brad Russell, Director, Connected Home Research, Parks Associates. "Consumers appreciate the safety and security value propositions of smart home products, and these use cases align with their perceptions of the role of their insurance companies, which opens up many lucrative opportunities for new services and partnerships."

Session speakers:

• Drew Doleski, Senior Product Manager, IoT/Telematics - Connected Home, Verisk Analytics
• Yuval Harry, Head, Partnerships, Hippo Insurance
• Aleem Lakhani, EVP, Specialty Risk, AmTrust North America
• Bill Loesch, CEO, LeakSentinel
• Roel Peeters, CEO, Roost Labs
• Cecilia Sevillano, Head, Smart Home Solutions, Swiss Re

"Verisk believes it's critical to enable interoperability not only between physical devices but also across industries. Working with insurers and smart home technology providers, we see tremendous opportunity for the Verisk Data Exchange™ platform to make that IoT vision a reality for the benefit of consumers and stakeholders," said Drew Doleski, Senior Product Manager, IoT/Telematics – Connected Home, Verisk.

"Vastly more homeowners have installed home security systems than home water leak detection systems," said Bill Loesch, CEO, LeakSentinel. "Homeowners insurance covers financial losses from fire, theft, and water leaks, but fires and robberies threaten personal safety while water leaks do not. For leak detection systems to be more widely deployed, unlike home security systems, they must be financially attractive to both homeowners and insurers."

Additional research from Parks Associates

• Nearly 40% of consumers with insurance would switch insurance providers to obtain smart home products.
• 20-30% of consumers with insurance are likely to purchase a fire safety package for an up-front cost of $200-$400.
• 51% of U.S. broadband households find an IoT device that alerts them to smoke and fire highly appealing.
• 41% of U.S. broadband households find a device that alerts them to a water leak to be highly appealing.

The 2018 CONNECTIONS™ Conference will host more than 650 high-level executives in an intimate networking environment. The event includes conference sessions on consumer technology adoption and trends, product and service forecasts, evaluation of new business strategies, and recommendations for strategic partnerships, monetization opportunities, and value-added service design. 

To request data or an interview, contact Julia Homier at [email protected], 972-996-0214.

About CONNECTIONS™

Parks Associates' 22nd-annual CONNECTIONS™: The Premier Connected Home Conference will take place May 22-24, 2018, at the Hyatt Regency San Francisco Airport in San Francisco. CONNECTIONS™ is the premier connected home event for the connected entertainment, IoT, and smart home industries. For more information, contact [email protected], call 972-490-1113, or visit www.connectionsconference.com.

Media Contact:
Julia Homier
Parks Associates
972-996-0214
[email protected]

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SOURCE Parks Associates