Member Article

Give us a smart tech deal, say Millenials

Tech-hungry Millenials say they’ve had enough of investing in smart home devices - only to be told there’s no benefit from the likes of insurance companies.

Despite their obsession, half of 18-34 year-olds questioned in a survey from insurance tech specialist Auger said they won’t invest any further in smart devices to protect their home because there are no benefits.

Technology is beginning to play more of a role in home security than ever before – machine learning and smart cameras which can distinguish between pets and people when triggering motion detectors; connected lighting systems and smoke detectors which test themselves are just a few examples of the latest developments.

In the survey of 2,000 Millenials aged 18-34 across the UK, some 50 per cent of those questioned said there is no benefit to invest in technology for increased security, with more women - 53 per cent - than men - 43 per cent - not using smart tech.

Only 15 per cent of those questioned said they would invest and wanted to do everything they could to make their homes safer despite the lack of incentives from the insurance industry.

Neil Wilks, head of technology at Auger, said: “This shows how far there is a disconnect between this segment of young people, the homeowners of tomorrow, and the current offer of the insurance industry.

“The challenge is for providers to listen to what this group of people want in terms of incentives, understand the reality of the efficiencies these technologies can bring in reducing risk and start to make it work for themselves and their customers.

“Investing in smart home technology means people are taking proactive steps to safeguard their greatest asset, but currently premiums do not reflect the benefit technology can present in helping to reduce the risk of a claim.”

More than a quarter of male Millenials questioned - 26 per cent – are committing to smart devices around their homes whether their insurance company encourages it or not. And many of the males in this age range - 32 per cent – say they will invest in devices around the home in future because they are getting cheaper.

More than four million Britons have invested in smart devices for their homes creating a market currently valued at £30 million. Using apps on mobile devices, new sophisticated high-tech alarm systems can alert homeowners if their home is unoccupied and does not have the alarm set.

The survey commissioned by Auger, the independent specialist serving the insurance industry for drainage and water mains claims, questioned 2,000 people across the UK across all age ranges 18-34 and gender in April 2018.

This was posted in Bdaily's Members' News section by Paul Tustin .