ith the economy taking a hammering and sharp price increases on everything from petrol, food and basic commodities like water and electricity, there is no more crucial time to take the bull by the horns and save on costs by working smarter with your money and reducing unnecessary risks.
One area where consumers can enjoy considerable savings without compromising themselves in the event of an unforeseeable loss is by managing their short-term insurance costs better through enhanced risk management.
According to Carl Moodley, Chief Underwriting and Claims Officer at GENRIC Insurance Company Limited (GENRIC): “By better managing the risk you present to the insurer, and reducing the potential of a loss occurring, you can enjoy better insurance rates and less likelihood of premium increases as a result of large or frequent claims.
Traditionally insurers would offer very little in the way of empowering clients to reduce their risk, particularly when it comes to home insurance, instead the onus would lie with the client to reduce their risk. It’s on this premise that GENRIC’s new SafeHomes insurance solution embraces technology by using the internet of things (IoT) to connect your home devices to its insurance offering and in turn, helps you reduce your risks and enjoy lower insurance premiums, cost savings and a safer lifestyle. Our focus is not only to reduce your risk but also give you the benefit of potentially increased savings.”
afeHomes, a new homeowners insurance solution from GENRIC Insurance Company, is embracing the internet of things (IoT) to connect home devices to its insurance offering and in turn, providing insured customers with significant financial savings through improved risk mitigation and personalised premiums which are representative of each client’s risk profile.
SafeHomes allows for seamless, real-time customer transactions, policy and claims administration and broker engagement via an online customer portal, as well as highly personalised underwriting that is based on the needs, behaviour and risk profile of each customer. This not only makes homeowners insurance more flexible and accessible, but there are also significant financial savings to be realised by embracing the IoT and its mitigating impact on risk and the cost of insurance.
“SafeHomes creates an environment where consumers get to engage with their brokers and insurance products through a seamless suite of multiple digital service channels, providing quick and easy access to their product portfolio, policy documents, endorsements, claims and so on, and at the same time facilitating a high level of personal service and advice from their broker. Policy holders get to actively manage not only their insurance portfolio, but all the related home technology services in their own time, from any connected device. Essentially, by linking the IoT to insurance, we’re empowering the insured party to take greater control of their risk mitigation measures, which has a material impact of the cost of their insurance,” explains Cornel Schoeman, Chief Operating Officer of GENRIC.
GENRIC Insurance Company has launched SafeHomes, a homeowners insurance solution backed by technology that is singularly focused on enabling brokers to meet the evolving demands of their clients in a world increasingly reliant on the internet of things (IoT). GENRIC’s SafeHomes insurance solution is underpinned by a tech platform that makes onboarding of new customers seamless and digitised and adds tangible, monetised value to broker business processes. Customers get a seamless customer experience that delivers cost savings and ease of engagement with instant access to every facet of their insurance solution.
“Until now, most innovation in the insurance sector has been internally focused and in many instances ends up being innovation with little direct value to the customer. What customers are interested in is the service and cost benefits and lifestyle enhancements that Insuretch can provide.
That’s where GENRIC is delivering on its promise of simplifying insurance and enhancing lifestyles, with added cost savings through ‘SafeHomes’. The ‘SafeHomes’ insurance solution brings together product solutions with customer-centric technology while retaining the increasingly important advice component in a world where risk has become more interconnected and complex than ever before,” explains Cornel Schoeman, Chief Operating Officer of GENRIC. Customers want to engage with their brokers and insurance products through a seamless suite of multiple service channels.
Read full blog