Home owners with broadband are increasingly likely to own smarthome devices connected to the Internet of Things, says a new report.
A big driver for the growth?
Insurance polices.
“The insurance industry is quickly emerging as a key player in multiple smart home ecosystems,” said Tom Kerber, Director, Research, Home Controls & Energy at Parks Associates.
“The advanced detection and alert capabilities in smart home devices give insurance companies new and innovative ways to avoid risks and reduce fire or water damage. State Farm and Liberty Mutual have both announced plans to offer incentives or discounts to customers to encourage adoption of smart home devices.”
New data from Parks shows that:
- 51% of U.S. broadband households find an IoT device that alerts them to smoke and fire highly appealing
- 41% find a device that alerts them to a water leak to be highly appealing
- 38% of U.S. broadband households very likely to buy smart home device this year.
The report, “IoT: Smart Home Business Models” finds that “smart home use cases would benefit insurance companies in both saving costs and adding value to their customers.”
