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How to Generate Revenue From Your Smart Home Brands – Zonoff

Article Synopsis :

Smart homes are entering the mainstream. Evidence comes this Holiday season where ads for smart devices such as Amazon Echo and Google Wifi and Nest dominate.  How might insurers capitalize on this trend?

 The Digital Insurer reviews Zonoff’s Report on Consumer IoT Monetization Strategies_How to Generate Revenue From Your Smart Home Brands

Almost half of US homeowners either own or plan to invest in Smart Home technologies this year 

“Consumer IoT Monetization Strategies: How to Generate Revenue From Your Smart Home Brands”, by Zonoff introduces us to the opportunities and challenges smart-home device manufacturers face in this segment. Though insurance isn’t discussed directly,  understanding how device makers approach the market is highly instructive to insurers actively pursuing IoT growth strategies.

The key takeaway is the need to step outside the device box and think more like a service provider. While consumers buy and experience one device at a time, with their homes getting smarter incrementally, manufacturers must force themselves to see the entire emerging ecosystem. Same goes for insurers.

Other considerations include:

  1. Ongoing costs for continuous product support and development, compatibility and interoperability testing, cloud infrastructure, customer communication and support, technology licenses, and back-office cum analytics are often steep and dynamic. Insurers used to measuring product cycle times in years may not be able to cope with weeks or days.
  2. Growing importance of Home Security and Safety: According to the Markets and Markets Report the Home Security market will grow at a CAGR of 9% to $48bn between 2015-2020. This growth is driven by rising burglary rates, insurance policy incentives and smartphone proliferation. Device manufacturers (and insurers) should think security first.
  3. Home Management Solutions (HMS) potential applications include hub-and-point solutions, smart home analytics, inventory replenishment, home repair and other services; home-energy management, installation services, and concierge services are also possible.
  4. Industry Subsidies: Smart Home brands need consumers to buy and continue to use their products. They also need support for the ongoing expenses of running a Smart Home operation. As many insurers are learning in their IoT programs, the devices themselves are often cost-prohibitive over time.

Link to Full Article:: click here

Digital Insurer's Comments

Almost half (45%) of all Americans either own Smart Home technology or plan to invest in it in 2016.

Of people who do not currently have Smart Home technology, more than one in four (27%) say they will incorporate it into their lives in 2016.

Of people who either have Smart Home technology or plan to buy it in 2016, more than one in three (36%) don’t consider themselves early adopters of technology.

Insurance discounts for home security systems are commonplace. How about Smart Home systems that reduce the frequency or impact of damages from incidents, such as water pipe breaks? Or systems accelerating the arrival of first responders in the event of a fire? The home is changing. Look for opportunities to create new coverage combinations benefiting consumers – and your own bottom line.

Link to Source:: click here

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