To address this issue, Nationwide, a largest home insurers, and Resideo Technologies, the global provider of Honeywell Home smart thermostats and First Alert solutions that provide home comfort, life safety and security to over 150 mn homes, are partnering to reshape the future of protection for homeowners.
By uniting the strengths of insurance expertise and smart home technology, Nationwide and Resideo aim to not only address the existing protection gaps but also empower homeowners to proactively safeguard their homes against potential risks.
The collaboration will see the merger of Nationwide’s extensive coverage and industry expertise with Resideo’s comprehensive smart home solutions and its network of national installation relationships, enabling US homeowners to harness technology-enabled preventive capabilities, mitigating the risk of unexpected damage and the associated financial implications for their homes.
Homeowners that take advantage of the preferred device packages, which will be announced in early 2024, may also be eligible for a discount on their homeowners insurance through Nationwide, helping to offset the cost of smart home solution purchases and installation.
According to Nationwide’s Agency Forward survey, homeowners’ leading reason for purchasing smart home products is to reduce anxiety (44%).
However, despite water and fire damage serving as the highest non-weather related claims perils for homeowners, more than 90% of those surveyed do not have smart water leak sensors and almost 80% do not have monitored smoke or fire hazard devices in their homes – a concerning protection gap.
Smart home technology presents a tremendous opportunity to elevate protection for our customers by transitioning from a reactive approach to a proactive one, enabling us to predict and prevent losses before they occur
Sarah Jacobs, Vice President of Personal Lines Product Development at Nationwide
“Nationwide is proud to be a leader in smart home protection and to partner with Resideo, which has a broad and innovative portfolio of smart home solutions, and a vast customer base that can help us both accelerate learning and value creation for our customers”, said Sarah Jacobs.
Dana Huth, Resideo’s Chief Revenue Officer agrees. “We are committed to protecting what matters most and creating new forms of value for our customers. Partnering with Nationwide, who has a similar focus and aligned mission, will be an accelerant to meaningful savings of time, effort and money for U.S. homeowners and residents,” he said.
Leaders from both companies advise to watch for interesting applications of insights, collaborations across their respective ecosystem partners, and new experiences that lead to smarter, safer home ownership.
Beth Riczko, President of P&C Personal Lines at Nationwide said of the partnership: “Smart home technology presents a tremendous opportunity to elevate protection for our customers by transitioning from a reactive approach to a proactive one, enabling us to predict and prevent losses before they occur.”
Dana Huth, Resideo’s Chief Revenue Officer also commented, saying: “We are committed to protecting what matters most and creating new forms of value for our customers. Partnering with Nationwide, who has a similar focus and aligned mission, will be an accelerant to meaningful savings of time, effort and money for U.S. homeowners and residents.”
