Takeaways:
- Using IoT proactively
- Reducing policyholder risks
With so many types of technology available today, Plymouth Rock Assurance is using it to help educate and protect its homeowners in new ways. In the latest DigIn podcast, Owen Williams, associate product manager at Plymouth Rock, explains how the company
He shares that the company is bundling it into their services, making it easier for customers to be alerted if there is a problem, and it's providing them with the resources to address any issues that arise.
"I think
"We are actually starting to test the impact of water monitoring devices that are also bundled with free plumbing repair. And we're already seeing very high NPS scores from customers, around 93, who engage with the service. And we are really excited that we have a positive, proactive experience with policyholders instead of them just dealing with the carrier when just a claim pops up. I feel like it's a much more positive way to interact."
Using IoT to educate homeowners
For first-time homeowners, education is an
"So, we already do as much as we can to provide seasonal newsletters and tips to our policyholders on what sort of proactive measures they can take, especially as different seasons come upon us. We are pilot testing ways that we can have homeowners actually have access to some sort of dashboard or tool to more smartly manage the maintenance of their home and also provide a way for them to find trusted vendors that can perform maintenance service. And our whole goal is that deferred maintenance can be an issue in terms of a long-term loss ratio and homeowners don't want to defer maintenance either if they can find the right fit, find the right price, and find the right vendor. And so just I think that that's where we can step in and provide solutions and provide insights to policyholders so that they can make the most out of their home."
Making technology adoption easy for policyholders
Access to all of the technology in the world won't matter if the homeowners aren't willing to implement it, so ensuring that adoption is easy, intuitive and cost-effective is vital, and Williams says those are aspects the company considers for any technology it shares with policyholders.
"I feel like to that point more specifically, you also want to take into account cost either for the carrier or for the policyholder, whether that cost is reasonable given the benefit. And so there's a lot of cost benefit analysis that goes into it. And then in addition, you want to make sure that the device or the solution reflects positively on you as a carrier. You don't want to lead a policyholder to a negative experience at all or negative solution, which is worse than not doing something."
Williams spends a good deal of his time investigating and testing various types of technology and says that depending on the solution, the process can take anywhere from two to 18 months to vet a product.
What excites him the most about his job is the impact an inexpensive IoT solution can have on mitigating risks for their customers. "I feel like cost was a big barrier to a lot of solutions and I think we're seeing that come down to a very, very reasonable level now. And I think that's what's so exciting is that you can get that adoption that you couldn't get before for solutions that are beneficial to everyone."
Listen to the
