Smart home company Vivint takes steps to become MGA

Davis told Insurance Business that Vivint intends to approach home insurance from a different angle, offering homeowners insurance products customized for their customers. “We are paving the way for innovative products, pricing and coverage protection by partnering with members of the insurance industry to bring our ideas to life,” he said.

Vivint’s unique position as a smart home technology provider can lead to innovative solutions for homeowners. “Every time we lose a home, consumers typically pay the first dollar of this loss through deductibles. says. “Our initial research and data show that it can have an impact on cost of loss, which is why Vivint took out insurance.”

read more: Insurance companies use data from smart homes to manage risk

Vivint’s smart home system can notify people of potential losses and take steps to prevent or mitigate further damage. “While our smoke detector shuts off his HVAC system to prevent smoke from spreading into the house, our cameras actively deter crime by letting intruders know they are being watched. ,” Davies explains. However, he stressed that Vivint remains focused on data privacy.

“We are just beginning to look at how these existing products can be leveraged with household data to gain consumer acceptance and help reduce risks and costs for homeowners,” he said. rice field.

Davies also shared that Vivint Smart Insurance is developing a “Homematics” concept. Without divulging many details, the chief insurance officer said some risk changes could be identified through Vivint’s occupancy model.

Why MGA?

For Davies, Vivint and the insurance industry already have a lot in common, making Vivint’s expansion as an MGA a perfect fit. “We both have a fair amount of data and have common customers,” he said.

“Vivint believes it is uniquely positioned to take insurance to the next level for several reasons centered on its existing customer network. We can turn our customers into products, but we are taking existing data and leveraging it for our customers.”

Vivint’s first step into the insurance business was to rethink protection, and it started with conversations with customers. Vivint noticed a strong interest in home insurance in its customer base and sought to leverage loss cost data to improve pricing, underwriting, or coverage design. This is currently targeted to be incorporated into the MGA service.

read more: Survey: Half of US households with broadband are interested in additional insurance services

Davies brings over 20 years of insurance experience to Vivint. Most recently, he served as President, CEO and Director of Safe Auto Insurance Group. During his nine-year tenure, he led the business from a founder-driven company to a technology-driven industry player. Safe Auto will be acquired by Allstate in 2021.

Prior to SafeAuto, he held various executive and leadership positions at large insurance companies and smaller specialty firms, including Allstate and Progressive Insurance.

Commenting on his decision to join Vivint, Davis said, “It was clear that the company had significant potential to redefine how we think about home coverage in the insurance and property security industry. “It is really exciting to explore more strategic industry partnerships that lead to new approaches and market strategies.”

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