VYRD Partnership
VYRD Insurance Saves over $3 Million in Eight Months with Pepper’s Smart Home Monitoring Product
VYRD Insurance Saves over $3 Million in Eight Months with Pepper’s Smart Home Monitoring Product
About VYRD
Between hurricanes, water leaks, and humidity, Florida homeowners are under constant threat from water. Due to the high risk of water-related claims, many Florida homeowners have been left with one of three options: Pay an average premium that’s 3X the national average, risk being dropped from their private home insurer, or sign up for expensive home insurance from the state of Florida.
In 2022, a group of Floridians decided that there needed to be another affordable option for Florida homeowners, and they founded VYRD Insurance. In everything it does, VYRD aims to set a new standard in secure home protection by using a policyholder-first mentality, cutting-edge technology, and a deep expertise of underwriting of agent networks to set a new standard in secure home protection.
The Challenge
Upon launching a new insurance company, the VYRD team analyzed losses in Florida. While the risk of hurricanes and floods was inevitable for Floridians, the team confirmed that a large portion of claims in Florida are non-weather water losses. By using smart home IoT technology they felt they could reduce water damage from non-catastrophic events and reduce their risk and losses throughout their portfolio of customers.
VYRD ranked numerous water mitigation solutions, looking for a solution that was easy to use, could send data quickly via APIs and reporting, and could help them achieve their water reduction goals. They went with Notion, who scored highly in each of these categories. Notion had the added benefit of helping with marketing and customer service support, which other solutions lacked.
The Solution
As VYRD launched its insurance product, the carrier integrated critical features into its new VYRD app. Within the app, customers could order Notion Starter Kits, get alerts for water leaks, file claims, and confirm their eligibility for VYRD’s Water Protection Program which offered the policyholders a 15% discount off the water portion of their policy premiums. Notion developed custom trainings for agents, custom emails and product packaging for VYRD customers communicating how to redeem and install sensors, and custom stickers on sensors to instruct policyholders to install sensors in high-risk areas for water.
Since partnering with Notion, VYRD has achieved a 71% install rate, with 98% of them setting up at least one sensor to detect water leaks. As a result, VYRD had a Loss Savings of $3M in just eight months.
Results
- $3 million saved in potential non-weather water leak claims in under 8 months
- 98% of customers use at least 1 sensor to monitor for water leaks
- 71% installation rate of Notion smart home sensors
- 15% off water-related portion of premium for policyholders using Notion
- $3 million saved in potential non-weather water leak claims in under 8 months
- 98% of customers use at least 1 sensor to monitor for water leaks
- 71% installation rate of Notion smart home sensors
- 15% off water-related portion of premium for policyholders using Notion
“We’ve projected $3M in water loss savings in less than 8 months by providing our policyholders with Pepper’s product, Notion, for water leak detection.
Notion continues to be a differentiator for us. We get positive feedback from policyholders that we’re providing them premium savings while protecting their homes from water leaks that is easy to use. And Agents are delighted that we are bringing solutions to the table to support their customers.”
Laura Hanson
Chief Digital/Marketing Officer
“We’ve projected just $3M in water loss savings in less than 8 months by providing our policyholders with Pepper’s product, Notion, for water leak detection.
Notion continues to be a differentiator for us. We get positive feedback from policyholders that we’re providing them premium savings while protecting their homes from water leaks that is easy to use. And Agents are delighted that we are bringing solutions to the table to support their customers.”
Laura Hanson
Chief Digital/Marketing Officer
Notion for Smart Home Insurance
Notion is Pepper’s leading offering for smart home insurance. Pepper partners with insurance carriers to power their smart home programs with Notion’s smart sensor technology, easy-to-use application, and value-add services to help empower homeowners to proactively reduce loss and monitor for things like water leaks or smoke alarms, preventing small issues from becoming big headaches.
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