Using embedded insurance to transform the customer experience

Preparing board packages for New York’s co-op and condo board approval was notoriously manual and painstakingly slow. In 2013, BoardPackager launched a secure online platform to automate the process. By digitizing and streamlining the cumbersome back-and-forth required to get applications in before the deadline, BoardPackager changed the experience for new residents and property managers. 

After establishing a trusted reputation in a community that included brokers, applicants, property managers, and board members, the company was ready to evolve. The ambitious plans involved expanding into additional services and a more comprehensive suite of tools that supports residents both before and after they move into their new home. As part of this evolution, the organization rebranded as “Domecile,” a company that gives each user all you need to get home.™

Deepening the customer relationship

Domecile carefully curated a group of services that further helped with new resident onboarding and delivered value to all stakeholders after residents moved into new apartments. These services include embedded e-notary services that are available 24/7, concierge services that do the heavy lifting for users throughout the application process, and integrated reporting that helps owners evaluate potential contractors based on factors such as licensing, references, litigation history, and past estimates.. 

But Domecile’s embedded insurance program has become the standout offering among its new collection of value-add products and services. In partnership with Viaffinity, Domecile makes it easy for new and current residents to buy the insurance they need and have proof of insurance automatically shared with property managers. Insurance is quoted in Domecile for renters, for owners of co-ops and condos, and for investors who act as landlords. Residents can also buy umbrella coverage and insure their art, valuables, autos, and pets.

Turning data into revenue—and loyalty

The embedded insurance program is uniquely valuable to Domecile because it enables the company to use the rich data generated by the existing workflow to create a personalized insurance product for each customer. Viaffinity’s insurance generator uses data points such as board requirements, the building location and construction type, and information about the applicant to provide a tailored, competitive quote sourced from multiple insurance companies. 

Domecile presents quotes to new residents while they are completing their application to help them avoid re-keying data or spending time answering the same questions on the phone. The process minimizes the hassle and maximizes the coverage for each user, with the result that Domecile can deliver more convenience and demonstrate more value. 

Today, insurance “powered by Viaffinity” is promoted alongside board packages and across the top of Domecile’s homepage, and the company is reaping the benefits of this innovative product integration. The roll-out of embedded insurance was smooth, and offering on-platform, no-hassle insurance yielded happy customers immediately, with a commensurate boost in revenue. And because it’s a reliably recurring revenue source, Domecile will continue to see increased MRR year over year.

“Domecile is a leading provider of residential real estate management software and we wanted to add renters and condo/coop insurance for residents. By partnering with Viaffinity we were able to embed insurance in our product using the Viaffinity API and to leverage the Viaffinity team of licensed agents to support residents in need of help.” - Jim Brune, Founder & CEO of Domecile

Domecile continues to explore new ways of supporting their customers by partnering with reputable brands who can enhance their journey toward home ownership. Embedded insurance is the cornerstone of these extended offerings because it’s an essential part of the process and integral to each customer’s success in qualifying for the home they’ve set their heart on. 

To find out how embedded insurance can strengthen your proptech brand, talk to us.