Prior to Parks Associates’ 22nd-annual CONNECTIONS: The Premier Connected Home Conference, Wayne Morrison, Principal, Emerging Technologies, Reliant shared insights with the analyst team to discuss how DIY solutions and consumer concerns about data security and privacy as the number of connected products increases.

Wayne will be participating on the Energizing the Smart Home: Changing Role of Utilities panel today at 11:15 AM. Panelists joining him on this session include:

Jason Dudley, Senior Planning Analyst, Salt River Project
Craig Johnson, President, Residential Solutions, Emerson
Rob Munin, President and CEO, Lux Products Corp

Given the continual increase in the number of connected products, how can providers ease consumer concerns associated with data security and privacy?
When they register devices with a company, one of the first steps is to use a strong password as a first line of defense. Consumers should continually better understand data privacy rules with any company seeking their information and ask what protections the companies offer for their data. Consumers can also seek apps that utilize 2-step verification, fingerprint or facial ID methods. Consumers will seek companies that continually prove they are able to collect, store and delete information in a secure manner to protect themselves.

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?
A smart home can have sensors that provide more information such as electricity usage, thermostat temperatures and water usage. The additional data can be analyzed to help predict failures and notify customers of equipment anomalies like HVAC systems and appliances. Water sensors can be installed with automatic shut off valves to prevent major damage from broken or leaking pipes and communicate back with customers or technicians for repair. The additional data and smart sensors allow for customer peace of mind and cost savings. Home insurance companies should find value in risk mitigation from smart home devices.

Will the rise of DIY solutions significantly impact the traditional security landscape?
Consumers will continue to have both DIY or professionally installed options. DIY options allow consumers to easily begin with one or two devices and continue to install additional devices over time. The set up and troubleshooting options need to be easy to understand for continued growth of DIY solutions. DIY should increase the addressable market as it provides more options for renters with options like self-monitoring or pro-monitoring. Security by Reliant offers customers a professionally installed and monitored option with the Reliant app to manage their electricity account and control temperature and security.

For more information on CONNECTIONS, visit: www.connectionsus.com.