Webcast examines new opportunities for insurers and insurance services in the smart home markets

Parks Associates research finds 40-50% of U.S. broadband households with home or renters insurance are interested in additional insurance services, including 35% who are interested in proactive communication of potential risks. The firm will detail these findings and the market opportunities they create in the webcast “Smart Home and Insurance: Partnerships and Go-to-Market Strategies,” sponsored by Silicon Labs, on Tuesday, February 12, at 1:00 P.M.

“A restoration service that repairs damage is the most appealing service among insured households, but there is strong interest in proactive services, which would be enabled by smart home devices and AI capabilities to detect and prevent risk situations,” said Brad Russell, Research Director, Connected Home, Parks Associates. “Our research also shows a ‘halo effect’ among insurers, where customers are more interested in additional services like smart home solutions if they perceive their insurer to be ‘innovative,’ which a company can accomplish by offering and promoting smart home solutions.”

The webcast will feature findings from the new whitepaper “Leveraging Smart Home and IoT for New Insurance Business Models,” now available for download at the Parks Associates site. This whitepaper examines the crossover opportunities for the smart home and insurances sectors in the U.S. and Europe.

“Connected devices are reshaping the way consumers think about many traditional services and how they interact with their service providers,” Russell said. “These trends in consumer expectations, combined with the wealth of data derived from IoT solutions, are opening significant market opportunities for the insurance industry.”

“At Silicon Labs, we strive to simplify smart home IoT solutions for our customers and the entire ecosystem, and to enable new business models to emerge with as little friction as possible to take advantage of these exciting market trends that Parks Associates has highlighted in their research,” said Silvia Madrigal, insurance business development executive at Silicon Labs.

Webcast speakers include:

• Shawn Barry, VP, Strategic Sales, Alarm.com
• Silvia Madrigal, Insurance Business Development Executive, Silicon Labs
• Brad Russell, Research Director, Connected Home, Parks Associates

To register, go to http://www.parksassociates.com/silicon-feb2019. To schedule an interview with an analyst or to request specific research data, please contact Julia Homier at [email protected], 972-996-0202.

About Parks Associates: Parks Associates, a woman-founded and certified business, is an internationally recognized market research and consulting company specializing in emerging consumer technology products and services. Founded in 1986, Parks Associates provides business intelligence and research services through its proprietary methodologies developed over decades, including quarterly surveys of 10,000 internet households.

The company's expertise crosses many industries: home security and smart home, streaming video, broadband and pay-TV services, digital media and platforms, gaming, Wi-Fi and home networks, connected health, support, consumer electronics, home control systems, energy management, and tech solutions for the multi-dwelling (MDU), small-to-medium business (SMB), and commercial building markets.

Each year, Parks Associates brings thousands of leaders together for its webinars and annual events. The firm hosts the annual executive research and strategy conferences CONNECTIONS™, Connected Health Summit, Smart Energy Summit, Smart Spaces, and Future of Video. https://www.parksassociates.com
 

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