New whitepaper in partnership with Assurant addresses new opportunities for device protection and data privacy services among home security providers
A new Parks Associates whitepaper, Protect the Connected Home: Home Security Meets Personal Privacy, reports 67% of security system owners are interested in a warranty service that replaces or repairs damaged or otherwise inoperable devices. The research, released in partnership with Assurant, highlights consumers’ privacy concerns around smart home devices and the opportunities that pro monitoring security providers have to offer warranty, cybersecurity, and other add-on services.
“Smart device owners are demonstrating their interest in warranties in addition to support and protections for their connected devices as add-on services,” said Frank Saldaña, Research Analyst, Parks Associates. “Our research shows that almost half of respondents have purchased an extended warranty/device protection service of some kind, up 15% from Q2 2019.”
The whitepaper, developed in partnership with Assurant, investigates the expansion of peace-of-mind offerings to device protection services. As consumers’ privacy concerns are a barrier to smart device adoption, home security providers can offer device protection and data privacy services, enabling them to leverage their skills, assets, and service relationships with customers.
“The surge in the need to be connected over the past several years, coupled with the dangers of hacking and identity theft, has opened the eyes of consumers and heightened the need to protect their personal identity,” said Jeff Unterreiner, President of U.S. Connected Living at Assurant. “Along with personalized support, these value-added services are key to increasing consumer adoption of the connected home.”
Home security firms are in a strong position to offer personal data privacy and security as an add-on service. “Home security owners have assigned a significant level of trust to their security providers to ensure the protection and monitoring of their homes. Protecting the digital aspects of home life naturally aligns with the core security value proposition,” Saldaña said.
This whitepaper is available for download. To request more data or an interview, please contact Rosey Sera at rosey@parksassociates.com, 972.996.0233.
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