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Smart Home Devices, Automation, Controls

Q4 2019

Quantified Consumer

Transforming Home Insurance and Creating Consumer Value

IoT devices and data are a critical component of the broader digital transformation underway in the insurance industry. This research provides consumer preferences for IoT devices with benefits for personal lines of insurance, such as auto and home. Topics include device adoption and purchase intention, purchase drivers and barriers, preferred channels, appeal of alternative sources and pricing models, impact of prior claims experience, incentives, platform and app preferences, attitudes toward data sharing, and appeal of adjacent home services.

Purchase

Download Table of Contents (PDF)

Consumer Analytics: Smart Home Devices and Services Track

Key Questions Answered

Survey Methodology

Defining Heads of Broadband Households

Definitions and Abbreviations

Reading Parks Associates Charts

Executive Summary

Industry Insight

Key Findings and Market Impact

Profile of the Home Insurance Customer

Overall Insurance Ownership Among Respondents (Q2/19)

Overall Home Ownership Among Respondents (Q2/19)

Type of Insurance by Home Ownership Among Respondents (Q2/19)

Residence Type: Insured Homeowners vs. Insured Renters (Q2/19)

Attitudes Toward Insurer (Q2/19)

Top 10 Homeowner/Renter Insurance Providers Among Survey Respondents

Attitudes Toward Insurer by Homeowner/Renter Insurance Ownership (Q2/19)

Overall Home Damage Experiences (Q2/19)

Location of Water Damage (Q2/19)

Insurance Claim Experiences by Home Damage (Q2/19)

Adoption of Loss Detection/Prevention Devices

Smart Security Device Ownership (Q2/19)

Smart Smoke & Fire Prevention Device Ownership (Q2/19)

Smart Water Loss & Damage Prevention Device Ownership (Q2/19)

Smart Security Devices: Channel Purchase Location (Q2/19)

Importance of Benefits Driving Purchase of Smart Security Devices (Q2/19)

Smart Smoke & Fire Prevention Devices: Channel Purchase Location (Q2/19)

Importance of Benefits Driving Purchase of Smart Smoke & Fire Prevention Devices (Q2/19)

Smart Water Loss & Damage Prevention Devices: Channel Purchase Location (Q2/19)

Importance of Benefits Driving Purchase of Smart Water Loss & Damage Prevention Devices

Reasons for Purchasing Smart Security Devices (Q2/19)

Reasons for Purchasing Smart Smoke & Fire Prevention Devices (Q2/19)

Purchasing Intentions for Loss Detection/Prevention Devices

Likelihood of Purchasing Smart Home Products with Detection/Prevention Features (Q2/19)

Smart Device: Purchase Intention (Q2/19)

Smart Security Device: Preferred Purchase Chanel by High Intenders (Q2/19)

Lifestyle and Purchase Attitudes Among Smart Security Device High Intenders (Q2/19)

Lifestyle and Purchase Attitudes Among Smart Security Device Owners and Intenders (Q2/19)

Smart Smoke/Water Device: Preferred Purchase Channel (Q2/19)

Lifestyle and Purchase Attitudes Among Smart Smoke/Water Device High Intenders (Q2/19)

Lifestyle and Purchase Attitudes Among Smart Smoke/Water Device Unlikely Buyers (Q2/19)

High Intention to Purchase Smart Security Devices by Home Damage (Q2/19)

High Intention to Purchase Smart Fire/Water Devices by Home Damage (Q2/19)

Smart Home Devices: Purchase Inhibitors (2017-2019)

Demographic Breakdown of Smart Home Device Top 5 Purchase Inhibitors (Q2/19)

Housing Factors of Smart Home Device Top 5 Purchase Inhibitors (Q2/19)

Consumer Attitudes and Insurer-Provided Solutions

Attitudes Toward Smart Home Devices and Insurers (Q2/19)

Attitudes Toward Smart Home Devices and Insurers Among Smart Home Device Owners (Q2/19)

Attitudes Toward Smart Home Devices and Insurers by Homeowner/Renter Insurance Ownership (Q2/19)

Value of Use Cases for Free Smart Home Devices (Q2/19)

Likelihood of Switching Home Insurance to Acquire Smart Home Devices (Q2/19)

Highly Likely Switchers of Home/Renter Insurance by Demographics (Q2/19)

Highly Likely Switchers of Home/Renter Insurance by Housing Factors (Q2/19)

Highly Likely Switchers of Home/Renter Insurance by Home Damage and Smart Home Device Ownership (Q2/19)

Likelihood of Switching Home Insurance to Acquire Smart Home Devices by Insurance Providers (Q2/19)

Preferred Incentives for Acquiring Smart Home Devices (Q2/19)

Preferred Incentives for Acquiring Smart Home Devices Among Smart Home Device High Intenders (Q2/19)

Preferred Incentives for Acquiring Smart Home Devices Among High Likely Home Insurance Switchers (Q2/19)

Concept Testing: Intention to Invest in Smart Home Devices with Various Levels of Premium Discounts

Likelihood of Purchasing Smart Home Device by Package Levels (Q2/19)

Installation Methods of Smart Home Devices (Q2/19)

Installation Methods of Smart Home Devices Among High Likely Home Insurance Switchers (Q2/19)

Appendix

Published by Parks Associates
© November 2019

All rights reserved. No part of this book may be reproduced, in any form or by any means, without permission in writing from the publisher.

Printed in the United States of America.

Disclaimer
Parks Associates has made every reasonable effort to ensure that all information in this report is correct. We assume no responsibility for any inadvertent errors.
 

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