An upcoming webcast from Parks Associates will examine the opportunities for insurance companies to leverage smart home solutions to help avoid costs, mitigate damage, and increase customer value and satisfaction. New research from the firm reveals more than one-half of U.S. broadband households find an IoT device that alerts them to smoke and fire highly appealing and 41% find a device that sends alerts for water leaks to be highly appealing.
“Smart home services will become a mandatory part of home insurance in the future,” said Barbara Kraus, Director of Research, Parks Associates. “Insurance companies in Europe and North America have expressed growing interest in the ability of smart home products and services to limit risk and offset property damage and loss. As documentation that validates this potential savings develops a baseline of confidence, insurance companies will be motivated to subsidize the cost of smart home solutions.”
Parks Associates will discuss ways U.S. and European insurance companies can leverage smart home data to develop new products and services that mitigate losses in the complimentary webcast “Insurance: Impact of IoT in the U.S. and Europe,” on Tuesday, September 27, at 10 a.m. CT (11 a.m. ET).
The webcast includes insights on the impact of IoT on the insurance industries, new business cases and applications under deployment, and strategies for leveraging data to provide new services. Kraus will moderate the webcast and will be joined by the following speakers:
- Dr. Christoph Döbrich, Innovation Manager, Allianz Worldwide Partners
- Kevin Meagher, SVP Business Development, ROC-Connect
- Curt Schacker, Senior Vice President, Connected Products, EVRYTHNG
Speakers will also examine how insurance companies can provide value to policy holders, security and privacy issues of sharing data with insurance providers, and the potential for large companies such as Google and Amazon to enter the market and sell discounted policies based on data mined from connected devices.
Additional Parks Associates research shows that 45% of U.S. broadband households find a smart home device that alerts them to carbon monoxide or gas highly appealing and 43% show the same desire for an alert if their door or window is opened.
“Insurance companies can capitalize on the market for sensors and smart devices to lower claim payouts,” said Kevin Meagher, SVP Business Development, ROC-Connect. “Moving beyond the strategic affinity program to utilize the data from IoT devices in profiling risk allows the insurance company to stay relevant. An insurance provider that helps a household avoid disaster is better than one that cleans up after disaster strikes.”
This webcast also addresses the potential for insurance involvement in connected healthcare, including the possibility of insuring in-home robots, which could reduce expenditures and insurance payouts as well as help enable aging in place.
Registration for “Insurance: Impact of IoT in the U.S. and Europe” is complimentary, and all registrants will receive presentation materials after the event. Register at http://www.parksassociates.com/iot-insurance. Contact Holly Sprague at hsprague@gmail.com, 720-987-6614 for meeting requests.
