Landlord Insurance Qorus Innovation in Insurance Awards 2017

CSE Insurance group is a regional multi-line underwriter of property and casualty insurance that distributes through independent agents. One of its products is ‘dwelling fire’ which insures a landlord’s interest in homes owned and leased to tenants. This segment is served by the insurance industry with ‘dwelling fire’ product that marginally meet customer needs. CSE aspired to design “the best-in-class” product based on today’s Landlords’ needs across various dimensions of coverage, rates, processes, and ease of doing business. The project involved various departments including product management, actuarial, underwriting, claims, legal, compliance, IT and marketing. The post implementations teams also include sale by independent agents and agent territory managers. We implemented the product effective Feb 15 2016 in California. Since the launch, new production is up 111% premium, and 143% policy count! Retention has gone down, but only by 7 percentage points, which is better than expected and more than made up for by better risk quality and more new business. Agents new business quote time went from 7 minutes to 2.5 minutes and application time went from 15 minutes to 10 minutes. In a survey contest across 350 independent agencies, landlord product was rated as the best product in the USA market The product also recently received the Gold Medal Award by Best in Biz for the "Best New Version of the Year" across several industries. Also, CSE has been selected as ‘Celent Model Insurer’ for innovation on Landlord product.