Purchasing property insurance online offers some advantages

By Carol Ostrow | | Jun 27, 2018

Consumers may not realize that local service can actually cost more than online enrollment.   Contributed image

How confidently can homeowners depend on digital platforms when selecting property insurance, and how do their virtual insurance professionals surpass brick-and-mortar companies in attracting a broad client base and maintaining customer satisfaction?

Consumers are far more likely to locate insurers via online searches than before the internet age, when signing on locally was the only option. Online insurers nowadays mount strong advertising campaigns; use mobile applications for reminders and alerts, and offer 24/7 availability.

While some checklist items for online insurance match those of local offices — such as policy efficacy and pricing — certain differences stand out clearly: the on-call aspect is highly advantageous for incident-related services: agents are available around the clock; and electronic recordkeeping retrieves information instantly.

But consumers may not realize that local service can actually cost more than online enrollment. Brick-and-mortar shops have higher overhead, may lack updated technology, and also perform as middlemen, causing price markup. In contrast, online insurers eliminate intermediaries, saving homeowners cash. They also use cutting-edge software and apps, ensuring optimal client experience.

Chicago-based property agency Kin Insurance combines its marketing strategy with a customer referral program and client testimonials, according to director of insurance product management Kevin Turner. Additionally, he pointed out, each region brings unique needs.

“Kin’s goal is to expand into all 50 states,” Turner said. “But, our current concentration in Florida and the Gulf in Texas has helped us specialize in insuring homes prone to hurricane risk.”

He also observed that in Kin’s experience, homeowners are unlikely to question the safety and value of online insurance, instead readily accepting help from a qualified team of personnel.

“Most people aren’t sentimental about insurance and who it comes from,” he said. “They … want it to be easy, affordable and reliable. They want assurance they are working with a company that will actually protect their home and come through for them if they ever need to make a claim.”

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