In insurance, customers would be going through multiple steps in the process to successfully acquire renter’s insurance. The significant steps or milestones for such a journey would be as below:
Customers are typically initiated into renter’s insurance through partnerships between the property owner or broker for the rental agreement. They could also search for options on their own using traditional online (web/app/chat) or offline channels (phone/agent).
Data Collection for KYC
The customer then submits the necessary identity, financial documents, and property paperwork online or through a collection agent, who routes the documents to the validating channel partners. The customer could also submit proof of material possessions used in the rental property to apply for additional liability coverage in case of loss or damage to the property. Depending on the coverage type available (cash value/replacement value) and the property type (HO-1 to HO-8), the documentation requirements could vary significantly.
Risk Review and Scoring
The customer then awaits feedback and approval from the issuing authority via the risk review team. The risk review team validates the title, valuation, and liability assessment for the property in question considering various sources like crime, weather, and . It also verifies the customer’s insurance history for claims and delinquencies in payment and credit history.
On successful approval, customers are issued an insurance quote with detailed policy documentation and additional declarations to be signed before policy issuance. The customer is given an option to pay online and to set up standing instructions for making periodic premium payments.
First Notice of Loss and Claim Processing
Once the policy is issued and in effect, customers would be informed about the communication channels they can use to notify the insurance for loss or damage to the property and the process to initiate claims. Renter claims have historically been a laborious process. The verification process takes much time between various data sources and leads to a lot of grief and distrust between customers and insurers.