It’s no secret that consumer demand for home security solutions is on the rise, while 38% of Americans already own a security system as of 2021 (over 47% have been victims of property crime).
More specifically, the home security solution market has been projected to grow by nearly 15% between 2021-2028, with estimated dominating players including “the software/platform sub-segment, video surveillance system sub-segment, independent home sub-segment, and professionally installed sub-segment.”
And according to a recent market study by Technavio, the market share for connected home security systems is expected to rise by $13.31 billion by 2025. Some of the fastest-growing apps include Blink, Wyze, ADT, Ring, and Simplisafe.
However, with growing competition in the space comes pressure among home security companies to retain customers, leveraging the strong customer relationships they’ve already built on trust and innovating further – to ultimately build more engaging experiences and offer even more value to their end-users. The question becomes: How are home security apps continuing to keep everyone safe – even beyond the home?
We recently wrote about how an ecosystem approach can be hugely influential in shaping the future of fintech. Similarly, for home security app players, the time is now to leverage this approach and partner with the right businesses to drive value with new products.
With growing consumer demand for home security apps comes more expectations. A VTT Science report, More value from security, made some conclusions after analyzing several B2B security companies – specifically on how they can create value and meet varying customer needs, which could also be taken into consideration in the B2C space.
“If security services could bring added value beyond traditional conceptions of [security], there should not be any barriers to innovative collaboration and new kinds of security partnerships – in this case, security co-creation.” - VTT Science
So how, exactly, can home security players leverage key partnerships to take their product to the next level? What’s more, when it comes to safety, there’s a difference between keeping the home safe and keeping everyone within that home safe, at all times. How can they further ensure the safety of their users even outside of the home – building more value, trust, and a better sense of safety for all?
It all starts with a preferred risk insurance ecosystem, which offers an added layer of safety for those who decide to leave their homes via a vehicle. And through Mobility Risk Intelligence (MRI) providers like Zendrive come other important members of this ecosystem, such as insurers and other app publishers and consumer brands, which can provide additional value beyond safety to home security app users. Here’s how it works.
Zendrive’s preferred risk insurance ecosystem, Insurance Qualification Lens (IQL), connects top insurers and app publishers with its Mobility Risk Intelligence platform, allowing them to gain access to massive amounts of driving data from around the world.
Home security app publishers are given the opportunity to provide their users with a new experience: a 30-day test drive that not only boosts their safety but also allows them to potentially save on an auto insurance policy. App users sign up for this program via the security app, and simply need to keep their smartphones in their vehicles while they drive.
As soon as they exit the safety of their homes and start driving, Zendrive’s MRI platform tracks users’ driving behavior for the duration of the test-drive period. Throughout the experience, users can get direct in-app insights on how safely they’re driving – for example, whether they’re speeding, hard stopping, or looking at their phones too much.
Users are scored by Zendrive based on how safe of a driver they are – and once their 30-day test drive is complete if they meet insurers’ criteria, they could qualify for a lower auto insurance rate based on how they actually drive.
If home security app users aren’t at home, they’re likely out and about, moving around. So how do we make mobility safer via Zendrive’s IQL solution?
As noted above, part of the 30-day test drive experience includes direct driver feedback via the app. Drivers can gauge exactly how they’re driving, and make adjustments accordingly to keep themselves and others on the roads safe. Along the way, they can check their score and see how they stand via a driver's dashboard.
In addition to these in-app driver safety insights, users can benefit from:
The last, but certainly not the least important, benefit to stem from this exclusive ecosystem is the ability for home security businesses to create a promising new revenue channel.
Beyond helping to make their end-users, and mobility overall, safer, security providers are also given the opportunity to further engage with their users via the app, and provide added value (such as potentially big auto insurance savings and a fun test drive experience). All of this leads to a win-win-win scenario in which:
Looking ahead, app publishers can also further bulk up their product roadmaps via this preferred risk insurance ecosystem, using newly accessible mobility data and risk scores to target new products and create additional in-app experiences.
For home security app providers, it simply comes down to thinking beyond the property and towards mobility – and the critical partnerships that co-create added value for all.