As homeowners and independent agents increasingly seek home insurance carriers with digitally-led customer experiences, @Home™ gains momentum
Boston-based Plymouth Rock announced a major milestone this week for its Home Insurance business, surpassing $250 million in in-force premium. According to the insurance, this represents a ‘tripling in the size of Plymouth Rock Home Assurance’s business since Plymouth Rock expanded its property insurance offering in 2016.’
“Plymouth Rock Home Assurance’s remarkable growth certainly came from the ease in which homeowners can purchase a policy through @Home™. But more than anything, it was generated by the people – the more than 2,400 agents across six states that we work with, and the 80 new employees that have joined our team since 2016. We look forward to doing even more impressive work for our customers and agents in the years to come,” said Bill Martin, CEO and President, Plymouth Rock Home Assurance Corporation.
Huge growth since 2016
While the company says growth began from the plans it implemented in 2016, sales ‘turbocharged’ in late 2019 due to the launch of its @Home™ product. Specifically, the insurer notes that in the four years between 2016 and 2020, it experienced a “25% increase in premium, 7x increase in the number of home insurance policies sold and over 8x increase in number of agents. In addition, between 2019 and 2020, Plymouth Rock Home Assurance increased its new policy sales by 48%, due to the convenience and reliability of @Home™. “
Historically, the company says the process of obtaining a home insurance quote and purchasing a policy has been lengthy and confusing, often discouraging homeowners to shop around for a new policy. The company also cites a recent Plymouth Rock study finding that “…more than 50% of U.S. homeowners haven’t shopped for home insurance in the past three years.”
Fast, accurate quoting leads to greater conversion for independent agents
Ultimately, it is Plymouth Rock’s investment in innovation that is now paying dividends. The creation of its @Home™ product allowed the company to modernize its traditional home insurance quoting process creating the ability to provide fast quotes for “virtually every home address in the six states in which Plymouth Rock operates. In most states, the address alone is all an agent or consumer needs to obtain a quote and coverage options can be customized based on individual needs.”
In addition , the company also has improved its underwriting, providing the ability to have ‘self-inspections that don’t require an inspector visit’ as well as ‘claims tools that allow a homeowner to submit evidence of a claim without the need of an on-site adjuster.”
“The Plymouth Rock @Home product has allowed for significant growth of our business through a user-friendly platform with one of the easiest quoting engines on the market,” said Dave Robinson, President and CEO, RogersGray Insurance Agency. “Our agents can get a customer a quote in less than 5 minutes. By keeping the system easy to use for agents – who are often hampered by carrier quoting – Plymouth Rock has shown that they care about our channel, our clients and our team. It’s a win/win for both the carrier and the agencies.”
