The definition of home security has changed. For decades, consumers paid a fee for professional installation and subscribed to professional monitoring services. Today, consumers can choose from a plethora of security solutions, from robust professional installation and monitoring to more customizable DIY systems. Consumers expect more intuitive, proactive, and interactive services that integrate with an increasing number of connected home devices.
With new entrants like Amazon’s Ring and Google’s Nest, it’s getting harder for home security providers to stand out at the point of sale. They’re also feeling pricing pressure. Cost-conscious customers can choose to go with a cheaper provider to get similar services.
As a result, home security providers want to protect their customers beyond the home, grow recurring monthly revenue, and reduce churn. Some leading providers have already started offering protection beyond the home with car crash detection and emergency response.
1. Home security owners want car crash detection & emergency response
Home security owners want protection wherever they are. In fact, 77% of home security owners are concerned with safety on the road. TrueMotion survey results show that 78% of them would use car crash detection and emergency response offered by their home security provider. They’d even download a separate mobile app for these safety services.
2. Home security owners would switch to the competition to get car crash detection
Car crash detection and emergency response could be a make-or-break offering for home security owners. Survey results found that 43% of home security owners would switch providers for a competitor with car crash detection and emergency response.
Beyond keeping their customers away from the competition, Parks Associates found that interactive services increase customer satisfaction and boost home security NPS scores. Car crash detection and emergency response can also improve customer satisfaction: 58% of home security owners say they would be even more satisfied with their provider if it offered car crash detection and emergency services.
3. Car crash detection & emergency response grows RMR per user per month
Security providers can use car crash detection and emergency response to upsell customers to a premium monitoring service or create an entirely new offering, increasing their RMR. Survey results found that 69% of customers would pay at least $5 a month for it—on top of their current rate. Over 11% of respondents said they’d pay $20 or more a month.
It’s clear that car crash detection and emergency response provide a powerful new way for home security providers to protect their customers beyond the home. What do you think of the benefits? Shoot us a note on LinkedIn and let us know.
Share this post
Farmers Insurance announced the launch of CrashAssist, a new feature included within the Signal app that helps connect drivers with emergency services in the event of an accident and offers help in reporting a claim.
March 9, 2021
Currently live in four states — Texas, Ohio, Arizona and Virginia — the offering was developed along with TrueMotion to and uses customers’ mobile phones as the data-collection device, eschewing any third-party technology like dongles.
March 8, 2021
Berkshire Hathaway’s GEICO auto insurer has joined the ranks of carriers using telematics to track and improve driver behavior—after resisting for years.
February 23, 2021