?? Rethinking the Home Insurance Industry: A Bottom-Up Approach

Homeowners insurance tends to start with a look inward for efficiencies, then to federal and state regulators to ensure that they are coloring in the lines. Mandates flow from the top down. It’s time to flip that around.

Why? Because simplicity is key. Home insurance carriers should focus on building trust and collaboration with their homeowner customers. This can be achieved by providing essential information and tools to help avoid claims. Once that is established, mandates from the regulator will reflect what the insurers want to do (and are doing) in the first place.

Imagine the impact of this approach:

1.??? Lower Claims: When homeowners are equipped with the right knowledge and tools, they can take proactive steps to prevent incidents, leading to fewer (or at least less severe) claims.

2.??? Higher Retention: Trust builds loyalty. When customers feel that their insurance carrier is genuinely looking out for their best interests, they are more likely to stick around.

3.??? Regulatory Synergy: A carrier that aligns its goals with those of homeowners will naturally find a common ground with regulators. This understanding can foster a more cohesive and efficient regulatory environment.

A bottom up approach will focus on empowering homeowners. This change can lead to a win-win situation for all parties involved - carriers, customers, and regulators.

Carriers that get on board with this type of approach will have a more durable future, by taking control of it.

#HomeInsurance #InsuranceIndustry #CustomerFirst #Innovation