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Smart Home Devices, Automation, Controls

Q4 2023

Quantified Consumer

Insurance Opportunities in the Smart Home

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.

Purchase

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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

Appendix

Newsletter

The Parks Points Newsletter Features All Aspects Of Our Research, Including Smart Home, Iot Devices, Entertainment And Digital Media, Security, Energy, Health, And Consumer Data.