Use A Residential Inspection To Win More P&C; Insurance Opportunities

03/04/2019

Thanks to the internet, today’s consumers are more knowledgeable and informed than ever when it comes to making insurance decisions. Insurance carriers are facing an increasingly competitive marketplace, especially in the homeowner’s insurance space. In fact, research shows that nearly half of homeowners will shop prices of different insurers at the renewal of their homeowner’s insurance policy, indicating little loyalty to their current insurance carrier.

How a Residential Inspection Can Bring You More P&C Insurance Opportunities
If you want to stand apart from the competition, retain customers, and win more business, why not use a residential inspection to win over insureds? Property owners typically get limited facetime with insurance carriers, so offering an in-person residential inspection will add a lot of value and serve as a powerful relationship building tool.

Here’s how insurance carriers can use a residential inspection to strengthen relationships, build loyalty, and earn more opportunities to serve insureds:

Walk Property Owners Through Existing Coverage
A recent study revealed that nearly half of the homeowners surveyed don’t have a thorough understanding of the level of coverage that they have in place. Even more alarming is that approximately a quarter of the property owners surveyed said they have no idea how much liability insurance they have in place. Taking the time to walk insureds through their existing level of coverage does not only add value to homeowners, but also can help to identify any potential shortfalls in coverage.

Discuss Solutions to Strengthen Existing Coverage
When walking insureds through their existing level of coverage, insurance carriers often uncover additional opportunities to serve property owners. For example, if the property owner recently completed a major renovation on the home, the current level of insurance coverage on the property is probably no longer accurate. Also, even though the property may not be in a high-risk flood zone, insurance carriers may want to discuss adding a supplemental flood policy to strengthen overall insurance coverage.

Make Homeowners Aware of Ways to Mitigate Risk Around the Property
For most homeowners, having a residential inspection completed is not something that happens every year, so it’s perceived as a value-added service to the insured. When walking the property, insurance carriers should make homeowners aware of potential risks that need immediate attention, such as tree limbs that protrude over the roofline, clogged gutters, and outdated smoke alarms. A residential inspection is also a good opportunity to make homeowners aware of the advantages of using smart technology (wireless thermostats, smart security system, etc) in the home as they typically yield cost savings.

Our team at Insurance Risk Services has been partnering with property and casualty insurance carriers for nearly 40 years to provide them with the residential inspection support that they need. When conducting a residential inspection, our experienced professionals at Insurance Risk Services serve as the face of your business. Not only are we a valuable relationship building resource, but we can also help to identify new opportunities to serve insureds.