Alton Martin, Co-Founder, Co-CEO, Trusource Labs sat down with the Parks Associates’ analyst team prior to the 22nd-annual CONNECTIONS: The Premier Connected Home Conference to discuss how companies can capitalize on consumer interest in a home insurance-smart home connection.
Alton will be speaking on Support Needs for the Connected Consumer at 10:15 AM, Wednesday, May 23, in San Francisco. He will be joined by the following speakers:
Deepak Batheja, Chief Digital Officer & Group CIO, iQor US Inc.
Tony Frangiosa, CEO, InstallerNet, Inc.
Frank Ploumen, Head of Premises Product Management, Calix
Richard Wolpert, Co-Founder & CEO, HelloTech
Given the continual increase in the number of connected products, how can providers ease consumer concerns associated with data security and privacy?
By supporting NIST and other government agencies working on a widely accepted security standard, including testing and certifications. I don’t believe any of the major players in the industry have either the interest in or the capability to create a widely accepted standard related to security and privacy. I think the current environment for an “industry solution” is far less likely than one or two years ago.
How will artificial intelligence (AI) impact the smart home, IoT, and connected entertainment landscapes in 2018 and beyond?
Well, I don’t think very much in 2018. As of today, voice control can’t reliably open shades, make phone calls, or consistently interface with the wide variety of IoT devices in the home. Downloading an endless number of apps for the Alexa or Google Home doesn’t seem very conducive to widespread adoption. Give it another 3 to 5 years and the interoperability elements may be way better solved. However, unlike in the personal computer space where the expected life of computer was less than 5 years and for many people far less than that, many home devices (light switches, doorbells, locks, security cameras) have a much longer life expectation on the minds of consumers. The interconnectivity will have to come through software solutions vs. continual replacement of hardware.
What effect will the implementation of 5G technologies have on connected consumers? What effect will it have on providers?
Well, the promise is pretty sky high now. It has the potential to greatly disrupt the traditional ISP marketplace, and if the carriers can really handle the load of increased bandwidth and don’t price themselves out of the market, one would expect a vast increase in the number of connected devices, in particular in the public sector and medical markets.
How might blockchain impact the smart home landscape? Is it worthy of all the hype?
Honestly – I have no idea!
Have you seen any new cutting-edge innovations that could tip the smart home scale from early adopter to mass market adoption?
Pricing. Prices points have to fall and product reliability has to improve. No one would have a car with the reliability of the average IoT device.
Will the rise of DIY solutions significantly impact the traditional security landscape?
Not really. Having a camera film the crime is different than a camera that alerts a central station and dispatches help. If the DIY devices include centralized monitoring, it could conceivably impact the traditional hardware players.
How can companies capitalize on consumer interest in a home insurance-smart home connection? What potential impact will that interest have for business models on both sides?
I can’t believe how slow the P&C insurance industry has been to adopt, and support with price reductions, connected home devices that will have an immediate reduction in the risk of loss through fire, water leaks, etc. I think the one(s) that hit it hard and early will get a big benefit. But, it is a very, very, risk adverse and traditional industry.
For more information on CONNECTIONS, visit: www.connectionsus.com.
