"insurance" articles

Parks Associates is excited to announce the 2023 sponsors for the Connected Health Summit , including Alarm.com , Connectivity Standards Alliance , Electronic Caregiver , Rapid Response Monitoring , Calix , Lifeguard , Origin AI , and Independa .  Parks Associates ’ Connected Health Summit is a three-day executive conference focused on the impact of connected devices and IoT healthcare solutions on consumers at home.   Connected Health Summit...

State Farm’s $1.2 billion investment in ADT for 15% stake in the company signals a turning point in the slow and somewhat tepid attention insurers have paid to the smart security space. Smart security products and systems stand to save insurers billions of dollars through proactive monitoring, detection, and deterrence for burglary, home, and fire damage. Parks Associates’ July 2022 research finds: 23% of US internet households have experienced water damage...

As of April 2021, 66% of US broadband households are familiar with telehealth services compared to 50% in May of 2020. The use of telehealth services has more than quadrupled, increasing from 15% in 2019 to 64% in 2021. A confluence of factors is driving the expansion of healthcare into the home. 1. Reimbursement changes: Over the past two years, CMS has made substantial changes to support virtual care reimbursement, including expanded reimbursement of telephonic evaluation and...

Smart home products have yet to achieve critical mass in Europe. Parks Associates finds that 55% of UK broadband households do not own and do not plan to purchase smart home products due to lack of personal benefit. However, introductions of new connected products that bring new value is driving increased adoption and future purchase intentions. An emerging opportunity for smart home growth includes the collaboration of insurers and smart home solution providers, as 70 million US...

Telehealth and telemedicine solutions have been thrust to the forefront of health care due to the COVID-19 pandemic. The need to avoid exposure to the virus has challenged well-established consumer preferences for in-person visits over remote care. Radical shifts in the regulatory and reimbursement landscape have paved the way for rapid telehealth deployments, including the use of health devices. Parks Associates' latest consumer study of 5,000 broadband households provides trending data...

The breadth of connected products in consumers’ lives continues to expand year-over-year. Households with smart home devices now have an average of six smart home devices , and ownership of any connected device (10.5 per household) continues to increase each year. Market players are now looking beyond established smart home devices like smart thermostats and networked cameras to add new and emerging products to their smart home offerings. Products like smart water leak detectors,...

The recent rise of insurtechs has spurred modernization in the fundamentals of insurance, including policy creation, underwriting, and claims management. Insurtechs, such as Hippo and Lemonade, have implemented AI and data analytics to provide quick and accurate quotes to their customers while also decreasing their own operating costs. Such innovation has disrupted the traditional insurance industry and has helped alter underlying business models of legacy companies, forcing them to...

Prior to Parks Associates’ 13th-annual CONNECTIONS Europe: Strategies for the Smart Home and Consumer Iot conference, Mark Lufkin, CCO, Wondrwall shared insights with the analyst team to discuss challenges with rolling out smart home producs and services in Europe, revenue opportunities, and what is driving growth in European smart home markets. Mark will be participating on the Voice-First Smart Experience: Innovation and Disruption panel on Tuesday, November 13 at 13:00....