{"id":74899,"date":"2023-04-27T12:00:00","date_gmt":"2023-04-27T16:00:00","guid":{"rendered":"https:\/\/staging.majesco.com\/?p=74899"},"modified":"2025-12-04T13:15:51","modified_gmt":"2025-12-04T18:15:51","slug":"homeowners-and-renters-pick-insurance-with-convenience-and-price-breaks","status":"publish","type":"post","link":"https:\/\/staging.majesco.com\/?p=74899","title":{"rendered":"Homeowners and Renters Pick Insurance with Convenience and Price Breaks"},"content":{"rendered":"\n

If we want to know where P&C insurance<\/a> is heading (and what homeowners and renters are expecting), we need only look at what is happening within our homes and rental spaces. Homes are beginning to have minds of their own.<\/p>\n\n\n\n

The light switch is a good place to start. Most of us mindlessly turn switches on and off as we enter and leave rooms. However, switch technology has been evolving.  Motion-detecting switches are now commonplace. If you install one, you only need to enter a room for the light to come on. If there is no motion in the room for a set period of time, the light goes off. It\u2019s responsive, economical and it saves energy.<\/p>\n\n\n\n

Step up a notch and you can install a voice-activated light switch that allows you to control your lights via voice through Google Assistant, Apple Homekit, Amazon Alexa, etc. It is Ring-enabled as well, so you can step up security by turning on your lights when motion is detected through motion sensors or cameras. Your switch has now become part of a smart network that can link dozens of related devices. It\u2019s now possible to answer the front door with your refrigerator, let your thermostat set the temperature based on occupancy, and lock your doors from anywhere.<\/p>\n\n\n\n

The smart possibilities are endless, but they prove that there is high value in automation and convenience. Flipping a switch was never that hard, but the old switch wasn\u2019t acting on behalf of your safety or energy bills \u2013 or increasingly \u201cgreen views\u201d. The switch never cared about what you were doing. It didn\u2019t know your needs.<\/p>\n\n\n\n

The personalized home or apartment<\/h2>\n\n\n\n

To say the smart home has a mind of its own may be cliche. It might be more precise to say that your home or apartment has a bit of your mind in it. It allows itself to be customized to the way you live your life.<\/p>\n\n\n\n

Traditional insurance is much like that traditional light switch. It works. It does the job and is reliable. Insurance\u2019s traditional products have always been pivotal in creating peace of mind for consumers. But dealing with new and expanding risks, market dynamics, and evolving needs \u2014 as well as the new expectations of insurance buyers \u2014 means that insurers must develop new ideas and approaches that account for many more aspects of living \u2013 including risk avoidance and mitigation. <\/p>\n\n\n\n

Insurers need next-level automation, deeper personalization, and products that are integrated into the lifestyles and mindset of younger generations. In Majesco\u2019s recent thought-leadership report,  Enriching Customer Value, Digital Engagement, Financial Security and Loyalty by Rethinking Insurance<\/a>, we consider customer trends with a look at how insurers can respond.  <\/p>\n\n\n\n

Solving for profitability and customer value at the same time<\/h2>\n\n\n\n

Today\u2019s insurers are being asked to learn more about their customers. They need a more holistic understanding of their customers\u2019 view of security; one that goes beyond traditional risk products and channels.<\/p>\n\n\n\n

There is a way for insurers to ensure that their learning and listening impacts the bottom line. They must work both ends of the consumer equation, Convenience + Value = Sales, but they must include personalization in the formula. When Majesco looked at customer preference and data, we found three high-level needs:<\/p>\n\n\n\n