Seven Ways HOVER is Transforming Property Insurance

Justin Hancher 9/13/2018 Insurance

HOVER is changing the way insurance carriers do business, and the possibilities we’re creating are about so much more than cost savings. This is about bringing a vision to life, one that inspires customer loyalty and creates a sense of connection and ownership—as well as a good feeling towards an industry that often gets depicted in a negative light.

Here are 7 ways HOVER’s technology is transforming property insurance:

#1. Delighting customers when they least expect it

With a few snaps of a smartphone camera, HOVER can generate a scaled 3D model of a home and provide highly accurate property measurements for everything on its exterior, from roofing to siding. This eliminates a lot of the logjams that can hold up the insurance process and frustrate customers, whether it’s on the underwriting or claims processing side.

For example, a bad claims experience is the number one reason customers will leave you (and tell their four closest neighbors about it). That kind of loss can cost you thousands over time. But what if you had instant access to all the information you needed to adjust a claim? With HOVER, you do. Minutes after receiving notice of a loss, you could be writing a check and exceeding the customer’s expectations by doing exactly the right thing, right away.

Or consider the underwriting process. Instead of having to wait around for an inspector to arrive (and then wait some more for their policy to be drawn up), homeowners can conduct their own inspections with HOVER, speeding the process along and ensuring their proposed coverages are correct so that they can protect their most important assets. There is also reduced paperwork, since HOVER’s ability to capture the details minimizes the amount of written information you need from homeowners.

These are all simple things, but they make a lasting impression. With HOVER, you can delight customers even when they least expect it, transforming weak spots into win-wins for everyone.

#2. Getting things done faster—and better

HOVER has a track record of making the claims process more efficient, but it’s also useful on the underwriting side. Because anyone with a smartphone camera can use HOVER to quickly and accurately measure a property’s footprint or catalogue its risks, it eliminates a lot of the inefficiencies that were inherent in the “old way” of doing things.

For example, homeowners can use HOVER to do a self-inspection, eliminating the hassles and delays that come with scheduling a traditional home inspection. With a few snaps of their smartphone camera, you get all the information you need to price a policy, all within minutes.

Even if an inspector does come to the property, he or she can use HOVER to get accurate measurements in a fraction of the time and ensure consistency in their diagrams. There’s no need to spend time walking around the home taking measurements, only to go back and waste time sketching a footprint, calculating total living area (TLA), uploading photos, and inputting various hazards. HOVER produces near-instant results that eliminate those steps and give you a more accurate picture of the property, all while saving a significant amount of time.

#3. Capturing the big picture and the small details, all in real time

In the past, underwriters had to make do with the best information available in order to write policies. Unfortunately, that often included outdated aerial imagery, stale MLS data, or iffy public records dating back decades.

Not anymore. HOVER gives you a real-time view of a home’s true status: one that’s accurate and based on its condition now, not ten years ago. That means you never again have to be surprised by things like new additions or deteriorating rooftops—they’re all there for you to see, captured in real time by HOVER’s patented picture-to-3D technology.

But the app goes even further by nudging consumers to capture more information than you’d otherwise get from a typical exterior inspection. These include insights about the home’s interior condition, from the basement to the safety systems, as well as exact interior square footage, broken down by living area.

#4. Promoting transparency and turning customers into partners

HOVER’s detailed images and measurements promote transparency and put you and the homeowner on the same team.

We make it easy to communicate with your customers simply and openly. When you and the homeowner both have access to the same data—in this case, time-stamped, date-stamped, real-time property images and measurements—you can speak the same language.

This decreases misunderstandings and disappointments that can bubble up during underwriting or claims processing. If, for example, a homeowner sees discrepancies in their policy, they can easily point them out and get them fixed. Or if a question arises during the claims process, you and the homeowner can both look back at the same information and get the answers you need.

#5. Breaking down silos within the carrier organization

Underwriting vs. claims: initiatives to share data across these departments in order to make better decisions have been talked about for decades. Whatever you think of this unique relationship, “collaborative” probably isn’t the first word that comes to mind.

But with HOVER, underwriters and claim representatives are finding more common ground as well as new ways to work together.

Our accurate measurements and 3D models help underwriters make better decisions, but that same data set can be shared with the claims department should a claim be filed. The result is more efficiency and a better customer experience.

In the end, this is exactly the kind of coordination that makes everyone’s lives easier—especially when it’s time to take care of a claim and the replacement costs are exactly where they should be.

#6. Making a powerful statement about who you are

HOVER positions you as a company that’s not afraid to adapt and innovate. It makes a powerful statement that says you’re moving with the current of the future, not against it.

Consider this: we already live in a Jetsons-style world, complete with video calls, smart homes, and personal voice assistants. That’s a breathtaking contrast to the current state of affairs in the insurance industry, where inspectors are still trudging around properties with tape measures in hand.

When you use HOVER to get business done, you show a generation of forward-thinking homeowners that you understand their world. This is a population that expects you to keep up with the times (or even stay a little bit ahead of them) to earn their business and their trust.

HOVER’s technology shows customers that you’re not only thinking about your future, but theirs—and how you can serve them even better. That’s a refreshing statement!

#7. Saving more than you ever expected

All of these elements add up to something much bigger: the enormous potential for cost savings. In the end, using HOVER is a smart business decision.

For underwriters, HOVER means being able to do more with fewer people. Consider the average cost of an on-site property inspection, and then multiply it by the hundreds of thousands of inspections that are ordered each year. How much of that spending could you eliminate with the snap of a smartphone camera? Or consider costs on the claims side: you could save $350 to $500 each time you don’t have to send an adjuster into the field to process a claim.

HOVER gives you the power to simplify your processes without sacrificing your results. In the end, that creates enormous cost savings and opens up entirely new possibilities for your business.

Thinking of giving HOVER a try? Start your free trial today and see how we measure up!

Justin Hancher
Justin Hancher is a Business Architect at HOVER and has been with the company since 2013. He works closely with HOVER’s insurance partners in both claims and underwriting to ensure the successful implementation of the platform.

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