Travelers’ recently announced use of a DIY home inspection app is a great example of rethinking traditional insurance processes from the outside in. The evolution of technology makes it easier for the average mass affluent homeowner to use a smartphone and walk around their own house on their own schedule than to coordinate an inspector visit.
Compare the app-based inspection process with a typical homeowners inspection experience of receiving a postcard from a third-party inspection service, calling a phone number to make an appointment, waiting for an inspector, walking around your house with a stranger, and then getting no feedback about the results of the inspection. Which one sounds like what your customers want?
It is becoming clearer to insurers that the experience is the product and that digital capabilities make it possible to rethink what that experience could look like.