LONDON, Oct. 16, 2017 – Research reveals that the growing demand to stay connected is driving consumers’ adoption of smart products. Over two fifths (48%) of consumers would be interested in receiving a replacement smartphone within four hours when lost, stolen or damaged. Over three fifths (64%) of millennials would be interested in this add-on from a smartphone insurance policy, and over a quarter (29%) of baby boomers would find it appealing if they received a replacement within this timeframe.
The latest findings from Harris Interactive, a digital consultative custom market research agency, presented at the Connected Insight event hosted by Assurant, a global provider of risk management solutions, reveals that smartphones are playing an increasingly significant role in consumers’ everyday lives. Adoption of smartphone applications such as mobile banking continues to grow, with three fifths (60%) of those familiar with mobile banking using this application in 2017, compared to over a half (56%) in 2016. This application is one of the many smart products making a difference to people’s lives, with over a half (55%) finding mobile banking very useful.
Andy Morris CEO and president, Assurant Europe said: “We are living in a 24/7 connected world where having a mobile phone has never been more essential. The research demonstrates that phones are a vital part of our day-to-day lives, and it has never been more important for both consumers and businesses to stay connected.”
Although the cost of a smartphone is increasing, the research shows that over three fifths (61%) of smartphone owners are still looking to acquire a new model every one to two years. In addition, over a third (38%) would consider additional monthly payments in order to automatically receive the latest upgrades.
The research also reveals a change in consumer acceptance when it comes to smart products, with smart innovations now being viewed as standard. The uptake in smart products is driven by convenience for over half of users (56%), followed by the chance to make life easier for over two fifths (44%).
For the majority of consumers (51%), the opportunity to save money is driving the interest in smart products. Over one in ten (13%) are interested in smart products to reduce energy consumption, and 9% use it to help stay connected on the go.
Despite the uptake in smart products, the ‘Internet of Things’ concept has a weak connection with the public with only 11% of the UK ‘very familiar’ with the idea in 2017, compared to 13% in 2016. Unsurprisingly, UK millennials are most aware of the ‘Internet of Things’ (19%), compared to only 5% of baby boomers.
Andy Morris, adds: “Smart products are now playing a significant role in every day life and these innovations are becoming the norm. There is a huge opportunity for smartphones to drive consumers’ adoption of smart products, especially with technology becoming more sophisticated.
“At Assurant we recognise the value of providing protection for mobile phones, and through ongoing research we can understand how consumers and businesses use their devices, subsequently making sure our business model is aligned to all needs. As the adoption of smart products continues to grow, and the concept of the ‘Internet of Things’ becomes understood more widely, we expect smartphones to play a pivotal role in this exciting time.”
The survey was conducted between 14th & 21st August 2017 among 1,050 UK adults (16+). The data was weighted to national demographics.
Assurant (NYSE:AIZ) is a global leader in risk management solutions, helping protect where people live and the goods they buy. Millions of consumers count on Assurant’s innovative products, services and support for major purchases like homes, cars, appliances, mobile devices and funerals. Assurant partners with leading companies that make, sell or finance those purchases to take great care of their customers and help their business grow. A member of the Fortune 500, Assurant has a market presence in 16 countries worldwide. As of June 30, 2017, the company had $30 billion in assets and $6 billion in annualized revenue. Learn more at assurant.com or follow us on Twitter @AssurantNews.
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