TDI Startup Insurtech Award - HomeZada-application
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This document discusses how insurance companies can engage customers digitally through branded digital home management platforms. Such platforms allow policyholders to manage their largest asset - their home - through an all-in-one suite of apps on any device. This provides value to homeowners through better organization and maintenance of their home. It also provides value to insurance companies by positioning them as a trusted advisor, potentially reducing claims and costs while improving the brand, cross-selling opportunities, customer loyalty and renewal rates. Insurance companies can also gain unique data from these platforms to inform their risk management and pricing strategies.
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TDI Startup Insurtech Award - HomeZada-application
- 1. Customer Engagement for Insurance Companies Digital Home Management for Consumers
- 2. Insurance Industry Points Digital Transformations How to Engage Customers Digitally Increase Renewals / Decrease Claims More Effective Marketing to Customers Use New Sources of Data for Risk Management / Pricing
- 3. Homeowner Journey Overbudget remodel projects. Unexpected repair costs. Not properly insured. Differentiate when selling? Buy Own Sell What is home worth? Equity? No single view of my largest asset
- 4. Digital Home Management Manage Your Largest Asset Any Device. Cloud Based. A Smarter Homeowner • Mainstream Demographics • 50 States / 20 Countries • Every Generation • Highly Engaged
- 5. Dashboard All-in-One Suite of Apps Inventory Maintenance Projects Finances Marketing
- 6. Proven Consumer Platform All 50 States Every Generation of Homeowner Device Usage Key Engagement Stats 11:00 Avg Session Time 2 Avg Logins / Month Personalized Data 200 Photos of Inventory Over 50 Recurring Tasks Kitchen & Bathrooms Median House is $400k 45% 45%
- 7. Solution for Insurance Companies Branded Digital Home Management Be Present for the Entire Homeowner Journey Go ‘Beyond the Policy’ & Differentiate Provide Policyholders Value Add Platform to Manage Their Largest Asset
- 8. Insurance Company / Agency Branding Company (or Agent) Branding Displayed at Every Login Branding Displayed on Phone, Tablet, & Desktop and in Emails 5 to 6 Impressions per month Brand Displayed in Value Added Way on an Ongoing Basis Value of Branding
- 9. Cross Market Other Products Ads to Market Bundling Insurance Ads to Market Umbrella Insurance Increase Insurance with Scheduled Property for High Value Items
- 10. Unique Data Strategy A.I. Recognition on Photos / Videos to Detect Text & Objects Homeowner Can Share Home Data Back to Insurance Company New Data Helps in Fraud, Risk Mgmt & Pricing Value
- 11. Value for Homeowners Insurance: Properly Insured Prepared for “What if ” For Sale: Differentiate Your Home Digital Records of House Organized: Better Time Management Eliminate Clutter Maintenance: Efficient Home, Save $ Healthy and Safe Home Projects: On Plan. On Budget. Tax/Resale/Insurance Finances: Manage Asset Value Track Expenses
- 12. Value for Insurance Company Trusted Advisor Value to Homeowner to Manage Largest Asset Reduce Costs Proactive Homeowners Make Fewer Claims Improve Brand Ongoing Impressions Desktop, Mobile, Email Cross / Up Sell Insurance Opportunities Additional Coverage Customer Loyalty Increase Renewal Rate Referral Opportunities Unique Data Risk Management Pricing Strategies
Notas do Editor
- HomeZada has two sides to the platform. For homeowners, it is a complete Digital Home Management Platform to manage their largest financial asset and biggest ongoing expense. For insurance companies, a co-branded version is a Customer Engagement solution that engages policyholders, improves brand, and encourages renewals and referrals.
- A current subset of Insurance Industry opportunities with Insurtech.
- Homeowners are in a constant journey of managing their home. After buying a home and moving in, most homeowners get surprised with unexpected repair costs and high utilities costs due to lack of preventative maintenance. Many are under-insured because they don’t have a home inventory that identifies high value items excluded from standard policies, and have done major remodel projects without updating their dwelling coverage. Many homeowners end up over budget in managing their remodel projects Homeowners lack financial visibility into the total cost of homeownership, their current estimated home equity, and forecast value of the home. When you ask people “where is the information and data about your home?” , most homeowners would say it is scattered everywhere, primarily in paper documents, and incomplete.
- HomeZada is a Digital Home Management platform for homeowners to manage all the important information about their home in one place. Consumers can create a private and secure account and get a great user experience with a mobile, tablet, laptop or desktop interface. All of the homeowners information is stored in HomeZada safe and secure cloud environment. HomeZada has proven the platform as a mainstream product with users in all 50 states that represent every generation of homeowners, including millennials, gen x, baby boomers, and seniors. These users are highly engaged in using the platform on a monthly basis to help them make smarter decisions about how to manage, maintain, improve, and protect their home.
- HomeZada’s platform combines multiple apps, content, data, and recommendations into a single all-in-one solution. The Dashboard gives users the ability to navigate to different apps, and a “News Feed” provides personalized and proactive notices every time the user logins to their account. A Home Inventory app predicts a common home inventory then allows the consumers to take and upload unlimited photos, videos, documents, and itemizes the value of their personal property. Multiple online charts show them the value of their possessions by room and category. They can share this home inventory via a PDF report or export to excel A Home Maintenance app creates a preventative maintenance schedule of over 50 common tasks. The homeowners can personalize this schedule and they get automated reminders based on season and climate on when these tasks should be performed. Many of these tasks keep appliances, equipment and other home building materials well maintained which avoids costly repair costs and higher utility bills. A Home Projects app provides templates for over 40 common home remodel projects. These templates guides the user into tracking a budget, tracking costs, before and after photos, invoices, receipts, warranties, permits and more. There is guidance on how to manage the project and how to hire a contractor. It also stores this information for future tax, resale, and insurance purposes. A Home Finances app automatically updates the user on the estimated value of their home, calculates their full mortgage schedule, and ultimately their home equity. Homeowners can create a budget for all of the household related expenses such as property taxes, insurance, utility bills, and more which gives them visibility into the total cost of homeownership. A Home Marketing app allows the homeowners to select data they choose about their home and publish a digital, online brochure of the home. This can be used to differentiate the home from other competing homes for sale with potential buyers. The seller can also choose to give the successful buyer their own digital copy of the home history so they can properly manage the home moving forward
- HomeZada customers are all homeowners and they are geographically located in all 50 states and 20 international countries, breaking down proportionately by state population. Second is that all generations of homeowners are represented, including millennials, gen x, baby boomers, and even seniors. This means that all stages of the homeowner journey are represented, from 1st time home buyers, to people who are moving up to the 2nd or 3rd home, some people have multiple homes for vacation or rental purposes, and even people choosing to age in place or downsize into smaller homes. Next is the word “engagement.” We live in a digital world where everyone has their favorite devices, from phones, tablets, desktops, etc. Our platform is used evenly between mobile device logins and desktop logins at 45% each, with tablets representing 10%. So while everyone believes mobile is the way to go, if you have a mobile only solution, you may not be engaging customers, especially boomers or seniors who prefer to use a desktop device. Another important engagement stat is how many times do people login, and how long do they stay. We have great stats here because our customers login twice a month and spend about 11 minutes per sessions. This is great for us, as HomeZada is not a social media platform, but more analogous to an online banking app where homeowners login 2 to 3 times per month. We also have great outbound emails which also engage a few times per month. Perhaps the most important aspect of engagement is to make it personalize for each homeowner. If it is personalized, homeowners will engage. If it is generic, you will have less engagement. Our users personalize their home inventory with on average, 200 photos. They personalize our recurring maintenance tasks to fit their home, they track their remodel project where kitchen and bathroom remodels are the most common. We automate the personalization of their home value and the ability to track their household expenses
- HomeZada’s Customer Engagement solution for Insurance companies allow them to provide their homeowners a premium branded version of HomeZada. It helps insurance companies to differentiate and go “Beyond the Policy” and to be “Digitally” present with a customer in a value added way.
- The initial setup and configuration can create a branding strategy with a corporate only brand. The branding ad can also be configured to show an individual agent along with the company brand, if the company prefers that approach. The branding ad is displayed on every customer login, on every device including mobile, tablet, laptop and desktops. In addition, HomeZada sends each homeowner 2 to 4 emails a month as monthly reminders. These emails also include the Insurance companies branding ads, which means in total, the company will receive on average between 5 to 6 branding impressions.
- Insurance companies can use HomeZada’s ad platform to display other insurance products or promotions (bundling home and auto, umbrella policies, added insurance for high value items) to their customers. This cross marketing can increase revenues from existing customers.
- HomeZada uses image recognition A.I. technology that helps the homeowners create a home inventory. The homeowners can choose to share their home inventory back with the insurance company, as this rich new data set can help Insurance companies with fraud prevention, risk management, and evening potentially pricing strategies.
- HomeZada has proven that homeowners find a lot of value in using the platform. It helps them with peace of mind that they have a home inventory, they get reminded of important preventative maintenance tasks, and the ability to get financial visibility into their largest asset and biggest expense. It also helps manage remodel projects, helps them get organized and reduce paper, and be prepared to differentiate their home if they ever decide to sell the home in the future.
- HomeZada helps insurance companies improve their position as a trusted advisor to homeowner clients as they are provide a tool that actually helps them manage the home. There is a lot of brand value in being displayed to homeowners every month in a value added way, which can lead to increase customer loyalty, renewals and referrals. Homeowners who are more informed about preventative maintenance task are less likely to file claims. Insurance companies can cross market other insurance products or partner products, as well as get more detailed data to improve the business.