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TRAVELERS INSURANCE (one of our partners) is Reinventing Homeowners Insurance!
We have been writing insurance policies with TRAVELERS Insurance Company for several years now. They’re one of our premier companies who we quote daily to our prospects & insureds who want competitive pricing and enhanced coverage’s.
I attended a regional meeting a few days ago where we learned many front-edge initiatives that Travelers will be implementing over the next 12 to 24 months. They are innovative and consumer favorable on many levels.
These A+ rated Top 10 carriers are ramping up investments in both self-service digital platforms and the smart home, with the goals of gathering more customer data, expediting payments and educating policyholders on best home-maintenance practices.
The company is currently piloting a do-it-yourself home inspection tool for homeowners in select Northeastern states – coming to Tennessee soon! Customers will be able to snap and upload photos to the Travelers mobile app at the time of a new policy purchase, instead of waiting for an inspector to complete an on-site physical assessment.
This past September, the insurer also announced the launch of two new website tools: Home Central and Open House. Home Central connects homeowners with tips about buying, selling and renovating a home, while OpenHouse allows consumers to search for addresses and receive a snapshot of the work that has been done to the property. Travelers then informs potential buyers when a roof was last replaced, or the dates of any other major upgrades completed.
The company’s latest home-insurance offering – coming to our agency this August - is aimed at helping agents and individual consumers bind coverages using a new quoting tool that simplifies language on policy documents.
“The biggest difference the current program and the newer – soon to be released program is it’s not one size fits all,” said Eric Nordquist, SVP of personal insurance products at Travelers. “We offer strong segmentation to classify risk but wanted to have a much more flexible product out there. Every customer is different, so we opted for value-added packages.”
Homeowners will be able to create personalized à la carte style coverages through a compilation of services, including decreasing deductibles and loss forgiveness; appliance breakdown protection; full coverage on water damage; and discounts for owning smart-home devices guarding against fire, burglary and water leaks. Travelers is in ongoing discussions with multiple vendors to distribute smart devices to policyholders in exchange for sensor data, Nordquist says.
“The more safety devices you have in the home, the better potential there is for keeping it safe,” he added. “Debate, in terms of the magnitude of their impact, will continue as the market matures.”
The carrier is already pulling third-party data on residential properties in order to prefill online applications for Travelers applicants. The goal is to improve quoting speed by reducing the amount of questions asked to clients and accurately determine replacement costs of a home. Variables such as total square footage, number of bathrooms and age of roof are factored in underwriting, Nordquist says. Gathered data is collected via a third-party vendor source.
The company is bringing these new – value-added benefits to Tennessee in August 2018.
At Benton White Insurance, we’ve seen first hand how Travelers operates with very competitive rates, quick and responsive claim service and easy customer service opportunities available to each of our insureds. They’re one of our top carriers and chances are, when we quote your business, Travelers is in the mix.
Great companies, great service and nearly 50 years of insurance experience makes us one of the top agencies in this area and we’re ready to help you. Feel free to EMAIL us at info@BentonWhite.com or TEXT or CALL – 615.377.1212. We’re always ready to earn your business!