Root Insurance is testing a partner’s video security and safety system tech as a way to streamline insurance claims. Zurich North America and Wright National Flood Insurance Services, LLC are debuting a new private flood insurance program.
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Root Insurance is using Owlcam’s video security and safety system to streamline insurance claims in a new partnership/pilot program.
Customers of the InsurTech digital auto insurance startup are testing how Owlcam services can impact driving safety and car security while simultaneously simplifying the claims process. The results could help to inform future Root discounts for consumers who use Owlcam, Root said, noting Owlcam allows testers to quickly send video to Root to support any claims.
When a crash or break-in is detected in a vehicle with Owlcam, a video clip is instantly sent to the driver’s smartphone. Within the Owlcam app, customers can live view footage captured by the camera to see what is happening in real-time from anywhere. The video proof can immediately be shared with Root as well as police arriving on the scene. Owlcam also offers 911 Assist, a live operator emergency call response service, as part of its service plan.
While this pilot program is currently available to a limited number of Root customers, the feedback could lead to a broader partnership between the two companies, they said.
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Zurich North America and Wright National Flood Insurance Services, LLC are debuting the Zurich Residential Private Flood Insurance program.
The companies bill the effort as a first-of-its-kind, stand-alone product. It’s slated to launch exclusively in Florida on September 3, with plans to expand the coverage to 11 additional states in the future.
Zurich said that the creation of Zurich Residential Private Flood Insurance is designed to address a coverage gap that has become more urgent with the increase in frequency and severity of severe weather events. Similar to customization options available in standard personal lines coverages, this is the first flood coverage, admitted and regulated by the state of Florida, which allows property owners to tailor their flood insurance policy to their specific needs, according to the announcement.
Zurich Residential Private Flood Insurance will be sold exclusively by Wright’s partner agents and the companies say it is the only admitted stand-alone private flood option currently backed by an insurance provider with an A+ rating from AM Best. Key features of the coverage include no waiting period, no elevation certificate required and higher dwelling limits.
Sources: Root Insurance, Zurich North America