Insurance Marketing Information from Canada
ICTA Nomination: Guarantee GOLD Watermark Helps Customers Reduce the Risk of Water Loss
2017 ICTA Nomination. Technology by DC Pro, AquaTrip Canada.
Water losses represent the largest systematic and costly issue in the residential insurance industry. To meet this challenge, The Guarantee Company of North America redefined our role as an insurer by taking ownership of unwanted water – moving beyond indemnifying water risk to actively contributing to mitigation and prevention solutions for the many types of water damage that every homeowner's assets are exposed to. Faced with low uptake for water mitigation systems in the homes of our insureds, GUARANTEE GOLD® made a financial commitment to make water mitigation more accessible and affordable. We began with a bold awareness campaign for our broker partners and clients. We highlighted the water risk challenge and offered a full-service solution to install a water mitigation device (AquaTrip) in the homes of all GUARANTEE GOLD insureds – either completely complimentary or at a reduced rate.
A first of its kind in the Canadian marketplace, this industry-leading water mitigation program has changed the narrative of the water risk challenge and reduced the exposure to water claims in the homes of our insureds. To make our program a success, we partnered with DC Pro Canada, a supplier and distributor of the AquaTrip device with a national installer network.
Launched in February 2016, GOLD Watermark created a broad range of several services and benefits to support the initiative to combat all sources of unwanted water:
- GOLD Watermark Installation Program: the premier service of the Watermark program was designed to eliminate the hurdles a client faces when pursuing mitigation options: awareness, access and affordability. The program encompasses a two tiered approach: a complimentary installation of an automatic water shut-off system (AquaTrip®) in the homes of target customers with replacement costs over $3M and discounted installations for all GOLD customers using our National referral network of installers. The device automatically shuts off water to the home at the main water supply when a leak, frozen pipe or failed appliance is detected and greatly minimizes the impact of water losses. Policy holders with Aquatrip devices installed on their properties are eligible for associated policy discounts. 52% of all our water claims originate from fresh water plumbing within the home and providing this product and service is one of our most important risk management strategies.
- Water Expense Coverage: using our Installer network, up to $5,000 is provided to cover the costs for the installation of a water mitigation device.
- GOLD Mobile App: Recognizing that engaging customers through technology is a vital part of our value proposition and to respond to our tech savvy customer base, we introduced The Guarantee GOLD Mobile App, a multi-resource tool which puts control in our customer's hands and helps them to stay one step ahead of harsh weather conditions and proactively take safety measures to protect homes and belongings.
- H2O Appraisal: complimentary water assessment of our clients' home to assess potential sources of water damage for the interior and exterior of the home, detached structures and property.
- GOLD I.D.: complimentary infrared thermography consultations to detect small variances in heat that can diagnose moisture within the home and helps identify potential issues water damage invisible to the naked eye.
- ICE I.D. Assessments: complimentary street-side visual assessments to determine the presence of an ice dam and provide simple measures to prevent water damage and ensure a smooth spring thaw for our clients.
- Watermark Webinar: A national, broker focussed (1.5 hour accredited) webinar covering all aspects of water damage and GURARANTEE GOLD'S comprehensive coverage. An informative overview of types of water losses, water mitigation solutions, industry statistics, the benefits of GOLD Watermark, services and features.
Benefits to broker partners:
- Awareness and education campaign
- Expand network of subject matter experts throughout broker force
- Improve loss ratio
- Improve customer retention
- Differentiate with Gold with an industry leading challenge
- Provide an important touch-point with customers
- Provide a unique level of expertise, that matter to customers
- Shift focus of conversations with insureds from price to solutions based incentives
Benefits to GOLD customer:
- Awareness and education campaign
- Provide permanent solution to avoid claims risk resulting from water damage
- Arrange and payment of device installation
- Belief that their insurance company is taking ownership and active role in water mitigation
- Proof that their insurer will invest and work for their business
- Provide a tangible complimentary service/product in a price competitive environment
- Provide incentives (policy discounts) for participating
As thought leaders in our industry, we know that we are defined by the active roles we play in the solutions we offer our client and broker network. The GOLD Watermark program provides our high net worth clients with meaningful mitigation solutions and prevention methods for the many types of water damage that every homeowner's assets are exposed too. It also provides our brokers with a value added service and a meaningful point of differentiation from their competition.
When we launched GOLD Watermark in February with our co-branded letter campaign, our first year goal was a 30% uptake in installation requests for the complimentary program. We reached this goal within 7 months of launching and our participation continues to grow every month. In January 2017, bolstered with our broker and client testimonials, we will continue to expand our program to actively assist our clients and brokers in every installation whether it is complimentary, discounted or as part of our post-claim service. When developing the program we knew we would satisfy a market need but this response was beyond our expectation.
About Guarantee GOLD
GUARANTEE GOLD is a closely-guarded insurance solution for high net worth customers who know the value of quality coverage. As part of a wholly owned Canadian company, GUARANTEE GOLD is committed to delivering innovative coverage and the highest degree of customer satisfaction, ensuring our customers are always in the know. Visit theguarantee.com/gold/ to learn more.
About DC Pro
The Damage Control Program is a division of CuPRO Solutions Inc, a family owned and operated company with over 100 years experience in the plumbing, wholesale, restoration and customer service industries. Our primary goal is to offer unique and exciting new products designed to protect your home and offer you peace of mind. For more information, visit dcpro.ca.
Source: The Guarantee Company of North America
1. Diane H. (Mon Feb 6 12:39:33 EST 2017):
Guarantee Gold Watermark is a great initiative to providing solutions and educating awareness.
2. Dawn W. (Wed Feb 8 15:39:29 EST 2017):
A great value add for insured's to take advantage of!