HomeZada
Award Category
Insurtech
HomeZada: Digital Home Management for Consumers and Customer Engagement and Loyalty for Home Insurance Companies
A home is a consumer’s largest financial asset and biggest expense. Yet most homeowners don’t have a home inventory, forget to do preventative maintenance, are over-budget on remodel projects, and lack financial visibility into all their home finances and total cost of ownership.
Every insurance company strongly company recommends their home insurance policy holders create a home inventory, but most don’t provide any technology to help homeowners do this. Insurance companies end up paying out claims because things break and cause damages to a consumer’s home. HomeZada solves both of these problems and more for homeowners and insurance companies.
Homeowner Overview – Digital Home Management
HomeZada is a mobile and online digital home management software platform that empowers homeowners to manage, maintain, protect and improve their home. It is an all-in-suite of apps that helps homeowners manage a home inventory and it automatically creates a preventative maintenance schedule with reminders. Homeowners can also manage all the budgets, costs, photos and documents for their home remodel projects and it automatically updates the estimated home value, mortgage balance, home equity, and total cost of ownership of the home.
The HomeZada platform is simple to use for homeowners yet it is built with advanced technologies. The platform predicts a generic home inventory then uses A.I. inventory detection on both photos and videos to quickly facilitate a home inventory. A curated list of preventative maintenance tasks is automatically put on a seasonal calendar with reminders. The system includes templates of over 50 common home remodel projects and it instantly calculates an estimated home value, the full mortgage schedule and the estimated equity. A news feed and push notifications consistently create personalized and proactive messages to help the homeowners make smart and timely decisions on how to better manage their home.
HomeZada is a proven consumer platform with users in all 50 states and 20 international countries. It is used by every generation of homeowners including millennials, gen x, baby boomers and even seniors. Homeowners are highly engaged with HomeZada with an average of two logins per month and viewing multiple automated emails per month. Homeowners are engaged with their HomeZada account with multiple devices including mobile phones, tablets, laptops and desktops.
An overview of HomeZada for Homeowners https://www.homezada.com/
Insurance Overview – Customer Engagement and Loyalty Solution
Insurance companies have no real touch points with their homeowner clients between selling the original policy and the renewal opportunity a year later. HomeZada solves this lack of ongoing customer engagement for insurance companies by providing a premium branded version of HomeZada to their homeowner clients. This helps insurance companies to “Go Beyond the Policy” and differentiate a commodity home insurance policy by providing homeowners a platform that actually helps them to manage their largest asset and biggest expense.
Providing homeowner customers a premium branded version of HomeZada also has a number of other benefits for insurance companies such as elevating their position to be one of a more “trusted advisor.” Homeowners value the relationship with their insurance company as they are helping them manage all
the important aspects of managing their home which can lead to an increased renewal rates which reduces revenue loss by reducing the number of homeowners who are switching to different carriers.
There is also a tremendous marketing and branding value for insurance companies. Since HomeZada customers are actively engaged in their account multiple times per month, an insurance company receives on average five monthly branding impressions. This branding has value not only with the total number of impressions, but the fact that these impressions are displayed in a value-added approach because HomeZada is proactively helping the homeowner to manage their home.
Insurance companies can also advertise additional insurance products such as umbrella insurance, flood insurance and additional coverage for high value items to their own customers. HomeZada provides this advertising platform to insurance companies which can increase revenues by encouraging homeowners to be properly insured. These leads for increased insurance are often generated at a lower cost of acquisition from other marketing channels because homeowners are actively engaged on an ongoing basis in their HomeZada account.
HomeZada makes homeowners aware of many seasonal preventative maintenance tasks which increases the likelihood that these homeowners take these preventative measures. The benefit for insurance companies would be that there may be less claims by homeowners if a majority of them are taking preventative steps to avoid root causes of property damage to their home.
Another benefit for insurance companies is getting additional home inventory data that customers can share with them. The average HomeZada customer uploads 200 photos of their home inventory along with other details. This data can be used by insurance companies to assess how to price a policy, how to assess risk given the contents of a specific home and can help reduce fraud in case a home is destroyed, and the homeowner needs to file a claim.
HomeZada overview for Insurance Companies https://www.homezada.com/professionals/insurance
Summary
In conclusion, HomeZada is a proven unique and innovative digital home management platform because it empowers consumers to manage all the important aspects of their home while also providing insurance companies the ability to engage their clients in meaningful and ongoing ways. Homeowners benefit by saving money, improving value and being better organized around managing their home. Insurance companies benefit from becoming a more trusted advisor which leads new sources of data and increased revenues with the potential to reduce costs