The client, one of the largest national carriers in the US, wanted LJS to design and implement an engagement program for their landlord book to improve loyalty and cross sell different insurance products. They knew who their landlords were, however not the landlords’ circa two million tenants.
We conducted multiple landlord interviews and research into the daily frustrations and headaches of the small landlord. This resulted in us delivering the provision of a free SAAS property management service embedded as part of the landlord policy.
The multi-state pilot proved that Landlords using the platform were retained at an +21% higher rate than the rest of the book. Retention for the whole book continues to climb as penetration grows and more states are rolled out. In addition, we established the route to selling tenants insurance.
Not only does the service resolve a customer pain point, it increases regular customer engagement and differentiates the policy by exceeding customers’ expectations.
Their customers have been given all the technology and service of a professional independent property manager. This saves their landlords a significant amount of time and makes their lives easier.
The program also reduces risk to the insurer by enabling the landlord to screen for better tenants and receive more consistent rent payments. In addition, with each landlord having 2-3 tenants, the program enables rental insurance products to be sold to a significant new customer base.
The program is a prime example of how a digital solution brings an insurer into the wider property ecosystem.