The connected home has been seen as an opportunity for insurers to open up new revenue streams in homeowners’ insurance. Insurers have, for example, partnered with home security service providers to offer policy discounts when the homeowner purchases a security service. That is one way to add value (and to strengthen the customer relationship in the process.)
Some insurers have also explored offering concierge-type services to homeowners. A member-owned insurance company called PURE (Privilege Underwriters Reciprocal Exchange), for example, provides proactive risk management services – including home inspections, appraisals and other offerings– to its high net worth clients.
Some large insurers targeting the higher end of the homeowners’ market offer similar services. The leap from assessing the risk profile of specific homes to actually providing the services needed to remediate the identified risks – whether those services are provided by arborists, electrical contractors, or roofers – is not a great one.
No one expects major homeowners’ insurance carriers to have their own tree trimmers and roofers on staff, of course. But providing a service which identifies risks and then remediates those risks using vetted and pre-approved contractors is something that could have significant appeal for affluent customers. Insurers providing such a service would have opportunities to add revenues (by charging homeowners for value received) and to build customer relationships (by working with customers in a positive, non-loss situation).