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New Insurance Experience for This Old House

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19 August 2022
Rob Norris

Earlier this month, I purchased a new house—new to me, that is, but the house was built in the 1930s. I needed a new homeowners policy and I wanted to get coverage bound well before my scheduled closing.

My plan was to purchase a policy online. My last home purchase was 16 years ago, before insurtech was a thing. I was looking forward to seeing how the experience of buying a homeowners policy had changed. I felt confident in my ability to choose the right coverage options, obtain a few competitive quotes, and make a good buying decision.

I tried several online purchasing options, including from digital direct carriers and digital agents. Each digital experience ended the same way: not with a quote but with a promise that an agent would call me. I was disappointed. I suspect the age of the home caused my application to be kicked out of automated underwriting processes.

As I started to receive calls from agents, I found myself comforted and reassured to be in the capable hands of seasoned professionals. I even learned some things about my home, such as the various types of electrical wiring sometimes found in older homes. As a result, I went into the home inspection process armed with additional questions and insights.

The agent I ended up choosing also encouraged me to take a look at my auto and umbrella policies. With just a few minutes of questioning, and a quick run to the garage to check the odometer, I was able to get a great quote on a coordinated set of coverages with just one consolidated monthly bill. She set me up on auto-pay using my favorite rewards credit card. Cha-ching! In minutes, I had the proof of coverage I needed to check this task off my list.

The new auto policy includes a device to monitor my driving behavior, making me eligible for discounts for being a good driver. It also allows me to see data about my driving after each trip, so I can spot opportunities for how I can become an even better driver. Not everyone wants to be monitored but for me it’s added value.

So call me a happy customer, even if I didn’t get the all-digital experience I had wanted. My buying journey was typical of what many consumers encounter: journeys begin online but often end with human assistance. Enabling a seamless transition is the key for it to end well. The best digital agents know how to strike a balance between digital and human experiences, and between self help and white glove service. They also find ways to improve delivery of value—both to the consumer and to the carrier—throughout the policy life cycle, not just during acquisition.

On a related note, I will be hosting a panel discussion of leading digital agents at InsureTech Connect in Las Vegas on Tuesday, September 20. It’s part of a half day of unique and exciting panel discussions Celent will be hosting that afternoon. Hear from John Spottiswood, COO, Jerry; Bryan O’Connell, CEO, Huckleberry; and David Snelling, VP of Strategic Development, Simply Business. Together, we will explore the current state and future of the digital agent model.

For more information, visit our Event Page for InsurtechConnect