Nationwide is partnering with Resideo Technologies to offer its thermostats, fire, smoke and water leak detectors, and related home security solutions to its policyholders in a pilot program starting in early 2024, with policy discounts for their use, according to company officials.
Dana Huth, chief revenue officer, Resideo Technologies.
“The collaboration with Nationwide allows Resideo to expand our mission of protecting what matters most to millions of homeowners who have insured their homes with Nationwide and who are keen to leverage smart solutions to help prevent water and fire damage,” said Dana Huth, chief revenue officer of Resideo, in a written response to questions. “Many times, insurance policy changes AND smart solution purchases are triggered by life moments: having a baby, moving, home damage, home fire, flood or burglary. There is opportunity for Resideo and Nationwide to build on those natural synergies through this partnership.”
The partnership adds to Nationwide’s portfolio of smart home technology partnerships, which includes Ting and Notion.
Jeff Wilcoxon, vice president of strategic partnerships at Nationwide.
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“Our partnership with Resideo will complement our existing partnerships by expanding the menu of available devices and allowing us to offer our customers a range of options to best protect their home,” said Jeff Wilcoxon, vice president of strategic partnerships at Nationwide, in a written response to questions. “As we scale the pilot, we will leverage the data and insights from the smart home devices to continuously improve our products and services, provide personalized recommendations and alerts to our customers, and enhance our claims process and customer experience.”
Under the partnership, Nationwide customers can access Resideo’s network of professional installers. Resideo will offer its customers the opportunity to save on Nationwide home insurance by sharing their data with the insurer.
A recent Nationwide survey found that homeowners’ top reason for buying smart home products is to reduce anxiety, but more than 90% of those surveyed did not have smart water leak sensors and about 80% lack monitored smoke or fire detectors. Resideo estimates that its water leak sensors saved 2.4 million gallons of water and $2.7 million worth of insurance claims in 2022. In 2021, according to Resideo, its fire detectors helped protect homes from fires every 8 seconds on average.
“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,” said Beth Riczko, president of P&C personal lines at Nationwide, in a press release.