A Smart Home Solution for a Startup

Blog

Astrid Malval-Beharry shares a case study on building a disruptive smart home solution for an InsurTech startup. 

Situation

An InsurTech startup approached StratMaven for assistance with a monetization strategy for their smart-home solution. The company wanted to understand whether insurance carriers were interested in subsidizing the cost of the solution, as part of their overall objectives of improving the policyholder experience, preventing claims, and reducing overall costs.  

Analysis

StratMaven conducted in-depth interviews with carriers and surveyed policyholders to test the product concept and perceived value(s). We found that all carrier segments (large, medium, small by homeowners insurance premium size) had strong interest in the solution, but required additional data supporting the solution’s ability to prevent catastrophic damages. Additionally, carriers were interested in receiving a concrete translation of the savings potential resulting from these specific performance metrics. Finally, StratMaven discovered that while respondents clearly saw the value of the solution at a conceptual level, there was some operational uncertainty with device installation and monitoring that could be addressed using a well-crafted pilot program. 

Results Achieved

StratMaven helped our client formulate a roadmap to bring the solution to market by providing a better understanding of each carrier segment’s willingness to pay for the solution as well as which features should be emphasized when marketing the product. By validating the company’s hypotheses with key market stakeholders, StratMaven helped our client protect its first-to-market competitive advantage, while providing the insights needed to allow them to confidently move forward with their product development plan.

 

Access the case study, Building a Disruptive Smart Home Solution, on Stratmaven.com.