Parks Associates: Nearly One-half of Consumers With Insurance Are Interested in Receiving Additional Services From Their Insurance Provider

By a News Reporter-Staff News Editor at Insurance Weekly News -- New research by Parks Associates shows that 40-50% of consumers with either homeowners or renters insurance are interested in receiving additional services, such as restoration and maintenance services, from their insurance provider. Insurance Opportunities in the Connected Home explores the convergence of smart home technologies and insurance services as a way to generate new revenue, reduce claims, and deepen customer engagement.

"Forty percent of U.S. broadband households indicate intentions to buy a smart home device in 2018, and a key way to turn purchase intention into reality is to offer valuable incentives," said Brad Russell, Research Director, Connected Home, Parks Associates. "Among these likely buyers, roughly 75% are interested in a feature that automatically notifies their insurer in the case of damage or a claim. Communication with insurance companies is clearly valued among smart home shoppers."

Consumers likely to purchase smart home products are also considerably more interested in receiving additional services, including restoration services after damage has occurred. The research firm notes that consumers looking to purchase smart home devices are generally more comfortable with data sharing and likely to recognize the value in data analytics in simplifying and expediting claims processes. Further automation can also relieve consumers of some notification responsibilities in exchange for receiving discounts.

"There are multiple go-to-market strategies for 'insurtech' solutions, from OEM and platform partnerships to device rebates, premium discount incentives, and free devices," Russell said. "These arrangements have significant benefits to insurers as well, from competitive differentiation to expanded service offerings. The race now for both OEMs and insurers is to develop smart home solutions that can manage the data needs within this industry."

Keywords for this news article include: Parks Associates.

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