Finding a constant stream of new customers is never easy, regardless of whether your business is newly opened or well established. Many agents rely on tried and trusted techniques such as in-person networking, building referral relationships with real estate agents and mortgage brokers and advertising in local publications or at community events. While these tactics have their place, your competition is doing them too.
On top of this, new technology is driving customers to look for innovative and modern ways to manage their lives. They want a high level of personal service and a robust digital relationship in everything they do. Just look at the impact of disruptive organizations such as Uber, Instacart and Blue Apron. Each found ways to capitalize on changing customer behaviors and disrupted their industries.
For forward-looking insurance carriers, that means using the latest technology to gather high-quality customer insights to inform the next generation of insurance products. The perfect platform to gather that data is through IoT sensor technology.
At the agent level, IoT programs that give customers highly desirable smart devices are an effective customer acquisition and retention strategy.
Why Independent Agencies Need to Take Advantage of Market Disruption
In the report “Insurers on the brink. Disrupt or be disrupted,” Deloitte Center for Financial Services predicted an accelerating pace of change fueled by IoT and mobile applications. Statista, a research company, forecasts that smart home devices built with this technology will be in more than 52 percent of homes by 2024, up from 18.5 percent this year.
“Independent agents who give customers a valuable IoT product like the Notion DIY monitoring system, are differentiating their insurance business by showing their customers they care. When homeowners are empowered to detect problems fast and avoid the hassle of insurance claims, it gives them peace of mind,” said Brett Jurgens, CEO and founder of Notion, a smart home monitoring company. Nearly half of the 23-35 age group is already using smart home devices to manage their lives, so they are very receptive to using Notion.”
What is Notion DIY Monitoring?
Notion is a smart monitoring system that helps people monitor their homes or places of business for water leaks, sounding smoke and carbon monoxide alarms, temperature, and open doors and windows. If the sensor detects an issue such as a leak, it notifies the user via the app on their Android or Apple smartphone.
Why Notion for Insurance vs. other smart home technology?
Notion is the leading DIY home monitoring device trusted by top insurance carriers, including Hippo, Traveler and Brotherhood Mutual (click here for a list of partners) to drive customer acquisition and engagement as well as reduce claims.
Programs are focused on property and casualty and are customized to meet each company’s strategic objectives. They may include a free or subsidized starter kit and a premium discount once the product is installed. Optional elements, such as co-branded email campaigns, are designed to support agents in their sales and retention activities.
In many cases, independent insurance agents and brokers can access these valuable customer incentive programs too. Even when carriers don’t have a specific relationship with Notion, product users may qualify for a premium discount under a carrier’s other rewards programs.
Innovative Program for Independent Agents
Notion also caters specifically to the challenges of independent agencies/agents. The Notion Agent Program empowers agencies to give complimentary kits to customers or give the customer a unique code to redeem it themselves. Either way, Notion will take care of the end-to-end customer journey.
When agents offer a new customer a valuable smart home device, they are helping property owners stay connected to activity in the home or workplace no matter where they happen to be.
Agents who provide these tools give customers peace of mind that their possessions are safe and show their customers that they care about their wellbeing. Early detection and issue resolution has the added benefit of reducing claims and an agency’s loss ratios. As a sales tool, Notion has high value and benefits that represent a clear sales differentiator that will aid the property owner’s decision-making process.