U.S. Home Insurance Rewards: Consumers Are Ready for Smart Home Options

Home insurance policyholders are ready to share personal data in order to gain rewards from their insurance carriers, according to the latest Aite Group research

Boston, MA (Apr. 16, 2020) – As insurance carriers focus on building loyalty and trust, a new opportunity is forming through connected home devices. Consumers are discovering the benefits of connected devices with automated thermostats, doorbell cameras, and smart assistants, and are creating data that insurance carriers could use for marketing, rating, and claims handling. A new Aite Group report, U.S. Home Insurance Rewards: Consumers Are Ready for Smart Home Options, analyzes whether matching the use of connected devices with rewards programs could generate new data streams for insurance carriers.

“Carriers gaining access to household data from policyholders on an ongoing basis, or long term, has benefits across the value chain,” explains Greg Donaldson, senior analyst at Aite Group.

This report is intended to help carriers design rewards and incentive-based products and programs fitting of the home insurance industry. Based on a Q1 2019 Aite Group online survey of 766 current U.S. policyholders, it provides insights on homeowners and renters insurance policyholders’ ownership and use of connected devices, and their willingness to share this information with their insurance carriers.

This 48-page Impact Report contains 47 figures and one table. Clients of Aite Group’s P&C Insurance service can download this report, the corresponding charts, and the Executive Impact Deck.

Click here for the online summary or to download the table of contents.

This report mentions Amazon, American Express, American Family Insurance, Android, Apple, AXA, Beautyrest, Comerica Bank, Contour Next One, Dario, DiamondClean, Ecobee, Fitbit, Fitindex, Google, Green Dot, Honeywell, IBM, iHeart, Intel, Jawbone, Kolibree, Mastercard, MetaBank, Microsoft, Munich Re, MyFitnessPal, MyFoodDiary, Nest, Netspend/TSYS, Nokia, Omron, OnStar, Oral-B, Philips, Polar, QuardioArm, Renpho, Rhythm, Ring, Runkeeper, Samsung, Scosche, Snap ECG, Tacx, The Bancorp Bank, Visa, Walmart, Weight Watchers, Welch Allyn, and Withings.

About Aite Group

Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us at www.aitegroup.com.

Source: Aite Group

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