SafeHomes – GENRIC brings insurance innovation to the broker market

GENRIC Insurance Company has launched SafeHomes, a homeowners insurance solution backed by technology that is singularly focused on enabling brokers to meet the evolving demands of their clients in a world increasingly reliant on the internet of things (IoT).

GENRIC’s SafeHomes insurance solution is underpinned by a tech platform that makes onboarding of new customers seamless and digitised and adds tangible, monetised value to broker business processes. Customers get a seamless customer experience that delivers cost savings and ease of engagement with instant access to every facet of their insurance solution.

“Until now, most innovation in the insurance sector has been internally focused and in many instances ends up being innovation with little direct value to the customer. What customers are interested in is the service and cost benefits and lifestyle enhancements that Insuretch can provide. That’s where GENRIC is delivering on its promise of simplifying insurance and enhancing lifestyles, with added cost savings through ‘SafeHomes’. The ‘SafeHomes’ insurance solution brings together product solutions with customer-centric technology while retaining the increasingly important advice component in a world where risk has become more interconnected and complex than ever before,” explains Cornel Schoeman, Chief Operating Officer of GENRIC.

Customers want to engage with their brokers and insurance products through a seamless suite of multiple service channels. They want quick and easy access to their product portfolio, policy documents, endorsements, claims and so on, and they also still demand a high level of personal service and advice from their broker. This contact diversity makes the user experience that much more challenging, especially at a time where customer satisfaction and its impact on customer loyalty is more crucial than ever.

“SafeHomes is designed to bring insurance, risk management, advice and tech together, empowering the insured party to take greater control of their risk mitigation measures, which has a material impact of the cost of their insurance. Through the SafeHomes online portal, policyholders get to actively manage not only their insurance portfolio but all the related home technology services in their own time, from any connected device. SafeHomes is premised in delivering technology solutions that save customers money and provide a real sense of ownership of their outcomes by empowering them to manage and mitigate their risks better. For brokers, a specific broker version of the portal provides a bird’s eye view of every client, their portfolio and claims. Most importantly, the platform allows for seamless and fully digitised client onboarding, quoting and administration which makes for outstanding customer experience, and takes a lead from prospect to client in a matter of minutes,” explains Schoeman.

How does it work?

The introduction of utility, security and emergency management tools, interfaced to a self-service portal is at the core of the SafeHomes promise. It means that technology gets deployed in the customer’s home in a manner that underpins and supports the underlying SafeHomes insurance policy, putting the power of risk management firmly in the customer’s hands. They get to enjoy the benefits of real risk mitigation and avoidance of loss and resultant damage, self-determination, and they experience real savings through greater efficiency and smarter utility management.

The following form part of GENRIC’s SafeHomes solution:

• SafeHomes – Smart Geyser Energy Management: On a buildings or contents insurance policy with a minimum monthly premium of R350, GENRIC will supply the policyholder with a Geasy energy management device free of charge. On a monthly premium of R850 or more, the customer qualifies for two Geasy devices, if required. The electric geyser is by far the most energy-hungry device in a household, accounting for anywhere between 30-50% of total household electricity consumption. A ‘Geasy’ is a smart device that curbs this usage by allowing you to optimally schedule and remotely switch your geyser on/off via a web app. The use of this technology can save up to 30% of the average household electricity bill. These savings almost amortise the entire cost of the monthly insurance premium. The Geasy is fully integrated into the client’s GENRIC web portal – so they can switch their geyser on in instances where they need a quick boost to heat up water, or switch it off when no one is home and heating water during this time would be a complete waste.

• SafeHomes Burst Geyser Detection: The Geasy drip tray sensor helps reduce the risk of geyser bursts or leaks—and the resultant losses associated with such events—by detecting water in the geyser’s drip tray and generating early warning notifications before further damage or loss occurs. Typically, geysers do not usually burst violently. Rather, they’re likely to wear out over time and fail from the corrosion experienced when the sacrificial anode isn’t serviced for years, allowing for gradual leakage. This leakage ends up in the drip tray which, when installed correctly, is harmless and merely an indicator of an ageing geyser. With the Geasy sensor, early warning of water in the drip tray means the problem can be addressed early and the resultant damage that typically follows a major burst can be avoided.

• SafeHomes Water Metering: The third component to the SafeHomes solution is water metering technology that provides early detection of excessive water usage. The technology interfaces with existing water meters and can detect high water flow rates or events that otherwise could easily go undetected, such as pipe bursts, underground leaks, taps left running and so on. These events not only lead to large water losses but significant resultant damages to property as well as huge financial costs. Should the system detect abnormal usage or high flow rates, an SMS or email alert is sent to call for early intervention to address the problem.

• SafeHomes Emergency Services: Think of it as your personal security guard and ambulance that’s available whenever you need it. With the app installed on your cell phone, the emergency panic button will automatically dial up the closest, contracted security provider when activated, sending your location details based on your phone’s position to the security provider for assistance. In addition, the call can be routed to receive emergency medical attention as part of the solution offering. Further enhancements are also underway on the GENRIC portal to allow for CCTV integration and enhanced home security and emergency options under the SafeHomes offering.

• SafeHomes Property Valuation: GENRIC is able to provide brokers with an immediate assessment of a client’s property value using spatial and geo-technologies and mapping this back to deed’s office information regarding property values in the area. The technology is also used to provide property evaluations based on statistical-actuarial data and historical sales data to determine current values. Leveraging GENRIC’s technology platform makes the process of generating an insurance quote for your client’s SafeHomes cover fast, efficient and accurate. As an additional benefit to policyholders, SafeHomes customers receive a bi-annual property valuation report.

Transforming the customer journey

“Developing a more streamlined and personalised insurance experience for customers is at the core of what GENRIC does. As conversion rates decline, competition for new customers stiffens and the pool of insured individuals gets smaller, we believe that leveraging transformative tech that matters to customers and adds value to the intermediated model of insurance delivery. Advice and personal service provided by brokers is now given a significant technological edge, with brokers able to connect their clients’ present challenges to future solutions, today,” concludes Cornel.
For more information go to www.safehomes.co.za

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