I have been thinking and talking a lot lately about the future of the insurance industry and the dramatic shift that's not just on the horizon...it's happening under our noses right now.
In our recent white paper, we discussed how leading insurers, in the face of coverage commoditization and other disruptive forces, are changing their product strategy and product messaging. This shift is away from simply offering protection and a financial safety net and towards actually helping customers reduce risk.
This morning, one of our Canadian customers, Aviva Canada announced a new 'first of its kind' homeowners product which bundles loss prevention services, home repair assurance and expert advice alongside traditional homeowners coverage.
Aviva has labelled this product The Home Protect Bundle (Prevent, Fix, Assist) and I see this product being highly attractive to the marketplace. Homeowners, being historically a rather profitable and competitive line of business for many carriers definitely makes sense as an initial testing ground for this type of enhanced service bundle. I look forward to seeing this trend make its way into more complex lines soon.
“The Home Protect Bundle is another industry first from Aviva to assist customers in proactively reducing and preventing claims,” said Steve Cohen, executive director of personal lines at Aviva Canada, in the release. “We are committed to creating innovative solutions that are cost effective and add value for consumers.”