Upload
others
View
1
Download
0
Embed Size (px)
Citation preview
www.parksassociates.com © Parks Associates 1
Smart Home and Insurance: Partnerships and
Go-to-Market Strategies
February 121:00 PM CT
Sponsored by
www.parksassociates.com © Parks Associates 2
Speakers
Shawn BarryVP, Strategic SalesAlarm.com
Silvia MadrigalInsurance Business Development ExecutiveSilicon Labs
Brad RussellResearch Director, Connected HomeParks Associates
www.parksassociates.com © Parks Associates 3
Parks Associates invites you to view and listen to the webcast recording.
Click link to view recording: https://attendee.gotowebinar.com/register/218913161157419521
Webcast Recording Playback
www.parksassociates.com © Parks Associates 4
Introductions
Parks Associates Research Opportunity Drivers for Smart Home and Insurance; Consumer Preferences for Incentives, Data Sharing and Services; Partner Ecosystem and Decision Points
Silicon Labs Value of Ecosystems of Compatible Products to Address Use Cases for Fire, Water, and Theft
Alarm.comConsiderations for Platform Services to Fulfill Distribution and Data Aggregation Tasks
Panel Discussion
Audience Q & A
Agenda – Smart Home and Insurance
www.parksassociates.com © Parks Associates 5
Marketing & Sales
Underwriting & Risk Rating
Claims
Customer Service
Product Development
Opportunity Drivers for Smart Insurance
Benefits for Core Insurance Functions• Improve acquisition and retention
• Personalize policies and pricing
• Reduce risk and minimize losses
• Lower claims processing costs
• Deepen customer engagement
• Create new revenue streams
• Enhance brand positioning and differentiation
• Inform product development and customer segmentation
www.parksassociates.com © Parks Associates 6
Opportunity Drivers for Smart Insurance
Consumer Demand Drivers• Strong interest in IoT devices with prevention and
detection capabilities for fire, theft, and water damage• A growing installed base of devices can provide data
for insurers through BYOD programs• Prior experience of a loss heightens this interest• Prices for smart home devices are coming down• Technology is becoming more reliable• Voice control and unified apps are simplifying the user
experience
www.parksassociates.com © Parks Associates 7
The Growing Device Numbers
32%
Own anyConnected
Device
24%
Own a Specific SmartHome Device
10.5
Average #Connected Devices
Per Household
www.parksassociates.com © Parks Associates 8
Consumer Interest in Insurance IoT Solutions
60%Interested inwater, fire,
or theftdevices
75%Purchase intenders
willing to sharedata automatically
with insurers
40-50%Interested in
additionalservices
from insurer
40%Would switch
providers to getsmart home
products
www.parksassociates.com © Parks Associates 9
Prior Loss Effect
0%
20%
40%
60%
Electrical wiringfire
Electricalequipment fire
Heatingequipment fire
Cooking fire Fire fromflammable
liquids
Barbecue grillfire
No history of fire damage Experienced fire damage
Likelihood of Buying Fire Notification Product: Households that have experienced fire damage versus those that have not
Among 79% of U.S. broadband households with home or renters insurance
% R
atin
g "V
ery
Like
ly“
to
Buy
Pro
duct
that
Can
D
etec
tFire
Haz
ard
www.parksassociates.com © Parks Associates 10
Automatic Insurer Notification
www.parksassociates.com © Parks Associates 11
Preferred Incentive
www.parksassociates.com © Parks Associates 12
Interest in Services
0%
20%
40%
60%
A restoration servicethat repairs your
home after damagehas occurred
A home warrantyservice that covers
all homemaintenance
A home maintenanceservice to keep your
home in topcondition
Recommendationsfor making your
home safer
A home maintenanceand safety evaluation
Proactivecommunication of
potential risks
Very interested (Rating 6-7) Interested (Rating 5)
Interest in Other Services from Current Insurance ProviderAmong 79% of U.S. broadband households with Home or Renters Insurance
www.parksassociates.com © Parks Associates 13
The Innovation Halo
0%
25%
50%
A restorationservice that repairs
your home afterdamage has
occurred
A home warrantyservice that covers
all homemaintenance
A homemaintenance serviceto keep your home
in top condition
Recommendationsfor making your
home safer
A homemaintenance andsafety evaluation
Proactivecommunication of
potential risks
Disagree with "My insurance company is innovative" (Rating 1-4)(48% of Subset, n=1,886, ±2.26%)
Agree with "My insurance company is innovative" (Rating 5-7)(52% of Subset, n=2,063, ±2.16%)
Interest in Other Services based on Impression of Current Insurance ProviderAmong 79% of U.S. broadband households with home or renters insurances
% R
atin
g "V
ery
Inte
rest
ed"
www.parksassociates.com © Parks Associates 14
Insu
ranc
e Io
T Ec
osys
tem
© Parks Associates
www.parksassociates.com © Parks Associates 15
Silicon Labs
www.parksassociates.com © Parks Associates 16
Silicon Labs: The Leader in Wireless IoT Connectivity
www.parksassociates.com © Parks Associates 17
Increase Engagement, Attract New Customers, Acquire IoT data, ID lower risk profiles
Co-Marketing: campaigns & special pricing
Discounts: on devices & insurance premium
Free Devices: smoke and water leak sensors
Venture investments: partner for disruption
Employee trials: deploy devices & gather data
Pilots: trial with 1,000-10,000 homes
Smart Home and Insurance Programs
www.parksassociates.com © Parks Associates 18
offering complimentary Notion kits to customers that opt in
insurance discount for Canary, ADT (Alarm.com), Nest systems
invested in LeakBot and partnered with Alarm.com to sell products & services with the Aviva Smart Home app
invested in Ring, and provides discounts on Nest and Frontpoint (Alarm.com) systems
invested in August Home, and provides discounts for Vivint, Nest Protect, and others
ADT (Alarm.com) partnership for lead generation/referral, and discounts for Nest Protect, and SmartThings
insurance discount with Amazon.com smart home kit purchases that works with Alexa and free Echo Dot
SimpliSafe co-marketing partnership
Current Insurance Partnerships
www.parksassociates.com © Parks Associates 19
Silicon Labs’ Value
Silicon Labs: Introductions to Ecosystem
100s of partners: Service providers & hardware manufacturers
Proven: 100M Z-Wave devices deployed
Interoperable: Over 2700 certified devices
Security: best in class hack-proof S2
Smart Start: New plug and play functionality
www.parksassociates.com © Parks Associates 20
Select a Platform
• IoT cloud-hosted AI
• App / user-interface
Get Started with 3 Simple Steps
1STEP
Select a Dealer/Partner
• Back-end admin
• Manage subscriber accounts
• Inventory management
• Technical/customer support
• DIY or professionally installed
• Data analytics
2STEP
Select connected devices
• Insurance Appeal
• Consumer Appeal
3STEP
www.parksassociates.com © Parks Associates 21
Water Damage Mitigation
Scenarios of Real World Applications
Security Smoke/Fire/CO
Scenario 1
• Allow access to emergency responders
• Peace of mind with status updates
www.parksassociates.com © Parks Associates 22
Water: 45% of losses. 2% of insured homes each year, averaging $8,861 • Sensors – sense temp for freeze warning
• Shut-off valves
Security/Anti-Theft: 2% of losses. Average loss is $4,000• Security systems, sensors, cameras, video doorbells, door locks, and garage door openers
Fire: 24% of losses. Average loss is $43,983. Only occur for 0.35% of insured homes annually • Connected fire and smoke alarms, and automation with other connected devices, such as
thermostats, door locks, and fans
Reduce Losses Proactively
www.parksassociates.com © Parks Associates 23
Incorporate Predictive Analytics with AI • Detect pipe health to mitigate water loss
• Connect oven and thermostat to avoid fire
• Security sensor unusual behavior to protect home
Smart Home Devices at the heart of all these activitiesFirst Mover Advantage
Why Should you get involved now?
What is Next?
www.parksassociates.com © Parks Associates 24
Alarm.com
Copyright © Alarm.com 2019
Founded in 2000
Cloud-based SaaS Platform
Invented Interactive Security
Largest Smart Home Platform
Global Service Provider Network
NASDAQ: ALRM
About Alarm.com
Our HQ in Vienna, VA
Copyright © Alarm.com 2019
Copyright © Alarm.com 2019
Confusion with Point Solutions
Limited Value with Data SilosSecurity Concerns
Thermostat
BRAND C
Water
BRAND F
Security
BRAND G
Garage
BRAND E
Camera
BRAND D
Light
BRAND BBRAND A
Lock
Copyright © Alarm.com 2019
Thermostat Water SecurityGarageCameraLightLock
BRAND C BRAND F BRAND GBRAND EBRAND BBRAND A BRAND D
Confusion with Point Solutions
ONE PLATFORM
SUPPORTING
YOUR BRAND
Copyright © Alarm.com 2019
Largest Platform for Intelligently Connected Properties
Million Subscribers5.5
MillionConnected Devices80
100 Billion Data Pointsin the last year alone
OVER
Copyright © Alarm.com 2019
Claim Analysis Process
CustomerSubmits
a theft claim
Powerful Tool for Insurers Enabling Verification or Dispute of the Claim
InsurerReceives the claim
Insurer’s Claim Analyst
Logs into Dealer Website
Customer’s System History– Alarm went off –
– Door was open without permission –– Upstairs motion triggers –
Collect any video and/or photos triggered by the Image Sensor in the customer’s home a day
before and after of the specified date in customer’s claim
Follow Up With CustomerDetermine if the claim was fraudulent or accepted
Copyright © Alarm.com 2018
Comprehensive
Insurance SolutionsData from the Home
Copyright © Alarm.com 2019
Benefits for All
Fire Water WellnessTheft
Copyright © Alarm.com 2019
The safety belt for your life.
The system that grows with your family.
Copyright © Alarm.com 2019
BUILDER PROGRAM
MULTIFAMILYRESIDENTIAL CONSUMER MARKET
COMMERCIAL HEALTHCARE
MARKET
Copyright © Alarm.com 2019
B e n e f i t s
AUTOMATED COMPLIANCE REPORTS
Verification that customers honor the deal
STICKINESS
With term contracts and more touch point
with the customers
LESS CLAIMS
With water sensors, shut-off valves, etc.
EASIER CLAIMS PROCESSING
With more and easier accessible information
LESS FRAUDULENT CLAIMS
Preventive effect of information disclosure?
I n R e t u r n
THE FINANCIAL INCENTIVES
Strong recurring revenue model
BRAND IN APP
Associated daily with the things they love most
OPERATIONAL INVOLVEMENT
With Alarm.com, you have turn-key solution ready to be
implemented immediately.
Benefits for the Insurer
www.parksassociates.com © Parks Associates 36
Panel Discussion
www.parksassociates.com © Parks Associates 37
Panel Discussion
Shawn BarryVP, Strategic SalesAlarm.com
Silvia MadrigalInsurance Business Development ExecutiveSilicon Labs
Brad RussellResearch Director, Connected HomeParks Associates
www.parksassociates.com © Parks Associates 38
Questions?
www.parksassociates.com © Parks Associates 39
Brad RussellResearch Director, Connected Home
WWW.PARKSASSOCIATES.COM
Thank You