Assurant, a global business services company that supports, protects and connects major consumer purchases, has partnered with Avenue5 Residential to provide renters insurance.
The multi-year contract extension with the property management services firm will upgrade the existing Point of Lease (POL) product to Assurant’s turnkey Cover360 option, giving property management companies the potential to significantly increase participation in their renters insurance programme and eliminate coverage gaps.
Cover360 is a comprehensive solution that evolved from Assurant’s POL product.
Assurant said it enables property management companies to offer renters insurance to residents by directing them through text or email to enroll via an online portal once they have signed a lease.
There they can either purchase Assurant’s Pay with Rent policy that is conveniently bundled with their rent through an automated billing process via API integrations – or upload coverage from a third-party provider.
The Assurant Cover360 self-service portal enables residents to enroll in seconds without the site team’s involvement. The ease of use improves the resident experience, leading to increases in program participation and ancillary revenue, and a reduction of expenses.
Assurant pointed to a survey it carried out in late 2020. The survey revealed that 86% of renters reported they would have greater peace of mind knowing their rental community neighbours were required to be insured, and 73% reported they are more likely to purchase renters insurance if it was conveniently included with their monthly rent payment.
Ryan Lumsden, president of Multifamily Housing at Assurant, said, “Savvy property management companies like Avenue5 Residential see real value when adding a pay-with-rent renters insurance option, ensuring continual property protection while creating a simple, digital experience for residents.”
Earlier this month, Assurant launched an embedded insurance platform. The platform, Assurant Product Experience Exchange (APEX), is a turnkey technology delivery platform that enables Assurant clients to customise and easily add embedded insurance and protection programs, support, and services into their omni-channel customer experiences.
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