Insurance Opportunities in the Smart Home

Description

This study investigates consumer preferences for IoT devices that can impact insurance premiums or claims and evaluates the opportunity for IoT growth through the insurance channel. Topics include device adoption and purchase intention, purchase drivers and barriers, the impact of prior claims experience, incentives, platform and app preferences, and attitudes toward data sharing with insurers.

SAMPLE VIEW

ANALYST INSIGHT:

"Collaborations with security and smart home providers enable insurers to reduce risks, enhance customer engagement, differentiate themselves in the market, and tap into the growing smart home technology sector. It's a win-win strategy." - Jennifer Kent, VP, Research, Parks Associates.

Executive Summary

Home Ownership and Insurance Rates
Net Promoter Scores: Homeowners vs Renters Insurance
Smart Home Device Ownership
Smart Security & Safety Device Adoption
Top Ranked Use Cases for Insurance-Provided Smart Home Devices
Insurance: Driving Consumers' Smart Home Buying Behaviors
Smart Home Devices: Driving Consumer Sentiment Towards Insurers
Preferred Incentives for Acquiring Smart Home Devices
Willingness to Share Device Data With Insurer: Incentive Testing

Insurance Use & Experiences

Insurance Ownership
Home Ownership and Insurance Rates
Top Homeowner/Renter Insurance Providers
Net Promoter Scores By Home Service Type
Net Promoter Scores By Homeowners vs Renters Insurance
Net Promoter Score of Homeowner/Renter Insurance Providers
Home Damage Experiences
Insurance Claim Experience

The Smart Home Market

Smart Home Device Ownership
Average Smart Home Devices Owned
Number of Smart Home Devices Owned
Smart Home Device and Security System Use
Smart Home Device Purchases and Intentions to Buy
Platforms Used to Control Smart Home Devices
Most Used Smart Home Device Control Platform
Smart home device owners interested in a single app to control their smart home products
Preferred Provider for a Single Unified App
Smart Safety & Security Device Ownership
Smart Energy, Lighting, Water Device Ownership
Smart Appliance Ownership
Smart Speaker or Smart Display Ownership

Smart Home & Security Purchase Channels

Smart Home Product Purchase Channel
Smart Home Product Purchase Channel (2)
Reasons for Purchasing Smart Home Devices
Final trigger for a smart home purchases
Potential bundle opportunity
Security System Ownership Among Homeowners/ Renters Insurance
Trigger for Home Security System Sales

Insurer's Role in Smart Home - Perceptions and Impact

Attitudes Toward Insurers Providing Smart Home Devices
Attitudes Toward Insurers Providing Smart Home Devices, by Current Smart Home Device Adoption
Awareness and Use of Insurance Discounts for Security System/Smart Home Device Use
Net Promoter Score of Homeowner/Renter Insurance by Discount Offered
Net Promoter Score of Homeowner/Renter Insurance by Discount Received

Appeal of Smart Home Solutions and Insurance

Top Use Cases for Insurance-Provided Smart Home Devices
Top Use Cases for Insurance-Provided Smart Home Devices, by Home Owners vs. Renters
Top Use Cases Among Select Segments: Pool Safety by Pool Ownership
Top Use Cases Among Select Segments: Safety Use Cases by Gender
Top Use Cases Among Select Segments: Distinct Use Cases by Region
Likelihood of Switching Home Insurer to Acquire Smart Home Tech
Likelihood of Switching Home Insurer to Acquire Smart Home Tech, by Smart Home Adoption
Likelihood of Switching Insurance Provider by Demo Factors
Preferred Incentives for Acquiring Smart Home Devices
Preferred Incentives for Acquiring Smart Home Devices by Smart Home Device Ownership
Preferred Incentives for Acquiring Smart Home Devices by Type of Home
Preferred Installation Methods of Smart Home Device Kit from Insurer

Data Sharing with Insurance Providers

Consumer Concern about Personal Data Security
Consumer Attitudes on Data Security
Confidence in Service Providers Protecting Personal Data
Confidence in Top Insurance Providers Protecting Personal Data
Willingness to Share Device Data With Insurer: Incentive Testing
Willingness to Share Device Data With Insurer By Smart Home Device Ownership
Willingness to Share Device Data With Insurer By Security System Ownership
Interest in Data Security Services
Preference of Bundle Data Security Service Providers