Nationwide is one of the largest and strongest diversified insurance and financial services organisations in the US and provides a full range of insurance and financial services products.
Resideo is a leading global manufacturer and developer of technology-driven products and components that provide critical comfort, energy management, and safety and security solutions to over 150 million homes globally.
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.
Nationwide and Resideo will unveil preferred device packages designed to empower homeowners with effective protection solutions. Additionally, those who opt for these packages may qualify for discounts on their homeowners’ insurance policies through Nationwide, providing a tangible incentive to invest in and install smart home solutions.
The initiative is a response to the findings of Nationwide’s 2023 Agency Forward survey, which revealed that 44% of homeowners invest in smart home products primarily to alleviate anxiety. Despite water and fire damage ranking as the top non-weather-related perils for homeowners, the survey exposed a significant protection gap, with over 90% lacking smart water leak sensors and nearly 80% without monitored smoke or fire hazard devices in their homes.
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.
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.”
She continued: “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.”
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.”
Author: Joanna England
