Monday in CE: How Smart Home Products are Impacting the Insurance Market
A new report from tech industry research firm Parks Associates looked into how the smart home market is impacting the world of insurance. Specifically, according to Parks, consumers said they’d be willing to switch insurance providers if it meant they’d have the opportunity to obtain smart home products as part of a new insurance service.
It’s typical Americanism to want something new and shiny without having to pay for it (embrace it), but according to Parks survey, 40 percent of broadband households in the U.S. with an insurance policy, said they’d be happy to find a new insurance provider in order to get a smart home product or bundle of products.
Insurance companies can use that finding to their advantage, though.
“Insurance companies that are prepared to enter the IoT space will be able to capture new market share by luring consumers already in the market for smart home devices,” Brad Russell, senior analyst, Parks Associates, said in a statement. “Some innovative insurers are already offering free or subsidized smart home devices in marketing efforts, but they will need to make investments in order to have the technological capabilities to collect and leverage the data to realize the full value of these devices. Both short- and long-term benefits in new services and customers will make these worthwhile.”
Further, those insurance providers who are willing to get in on the IoT space can capitalize on an opportunity to potentially mitigate risk, build and deepen customer engagement, and develop new revenue streams from these smart home products and services, Parks said.
— PCMag (@PCMag) September 18, 2017
One of the biggest problems with Android (and one of the reasons I jumped ship years ago) is that manufacturers and wireless carriers have taken advantage of the open platform and used it to stuff smartphones with bloatware—branded software that caters to the company’s needs. Verizon used to do this with their media apps and other garbage software, and I know they certainly weren’t alone.
But now Samsung is getting slapped in the media and public forums for building physical design bloatware into their new S8 devices with the Bixby Button.
“When you buy one of these phones, you should expect small plumes of perfume to waft up at your nostrils, a tiny trumpet band to start playing, and a handwritten note of thanks from Samsung Mobile chief JK Shin,” writes Vlad Savov of The Verge. “Instead, you get Bixby.”
Perhaps ceding to public pressure, Samsung will push a software update that will allow consumers to turn off the Bixy button altogether. But that might not be enough. Instead of letting it lay there dead to rights, why not give consumers the option to switch up the functionality, use it as a hot key for something other than a third-rate voice assistant?