Upgrade to insurtech platform optimizes coverage and expedites claims payouts
LOS ANGELES, October 26, 2021--(BUSINESS WIRE)--LeaseLock, the world’s leading insurtech platform for real estate, today announced a significant product advancement for the multifamily industry, which now deploys AI to customize coverage by asset and expedite claims payments for property owners. The lease insurance upgrade includes simplified coverage plans of all sizes and a claims process streamlined to function as fast as cash. The release is now available to all new and existing clients.
LeaseLock replaces traditional security deposits and surety bonds by insuring a property's leases, achieving 92% resident adoption rate on average. As a result of this unmatched coverage, LeaseLock clients are able to lower bad debt while drastically reducing deposit administration and regulatory risk. This advancement introduces a new AI-powered risk platform that optimizes coverage for each asset by analyzing historical financial performance data and continually monitors ongoing risk to adapt coverage.
"The ability to assess the required coverage levels for individual assets and deploy customized protection plans is game-changing," said Mark Stringer, Executive Vice President at Avenue5 Residential. "The uncertainty of security deposits and deposit alternatives make them outdated models that too often result in insufficient coverage and bad debt that we can’t recover. Optimizable and superior protection plans, like those provided through LeaseLock, take the guesswork out of coverage."
Through this upgrade LeaseLock also provides a drastically improved claims experience with more flexible deadlines and expedited processing. By taking claims completely in-house, the insurtech leader can deliver claims payouts in as fast as 48 business hours. All insurance policies are covered by QBE, an A-rated global insurance carrier, establishing strength and trust for LeaseLock clients to expand.
"LeaseLock has revolutionized the claims experience," said Marcie Williams, President at RKW Residential. "There is no comparison between the ease of using lease insurance and the contrasting experience with deposits and deposit alternatives. We selected a true insurance product because it’s the only way to get rid of deposits and their failures for good. This model is also much more renter-friendly, eliminating resident collections for claims paid by the carrier to the property, thereby preserving resident satisfaction and reputation scores."
LeaseLock covers rent and damage, as well as partial rent payments, pet damage, utility fees, eviction costs, termination fees and late fees. The comprehensive protections consolidate coverage under a single limit, removing many exclusions and aligning with standard operating procedures for move-outs to improve debt recovery.
"With this advancement, our product is wired directly to standardized move-out workflows and accounting processes—streamlining operations for property managers and maximizing claim value for owners," said Ed Wolff, Chief Revenue Officer at Leaselock. "We effectively removed deadlines, pandemic exclusions, and eviction filing mandates and timelines to provide more protection and financial performance for each asset, all in a resident-friendly format."
NMHC Top 50 operator LeaseLock clients include Greystar, Cushman & Wakefield, Avenue5 Residential, Harbor Group Management Co., LMC, and RKW Residential. Top ownership clients include Goldman Sachs, ColRich, GoldCor, Olive Tree, TruAmerica, White Oak, Trinsic, and Goodman Real Estate.
LeaseLock is the world’s leading insurtech platform for real estate.
We provide lease insurance to eliminate security deposits from the rental housing industry—removing complexity for residents and operators while creating superior financial performance for asset owners.
Powered by artificial intelligence, we optimize coverage by property to better protect owners—resulting in industry-leading bad debt reduction. LeaseLock is deployed seamlessly within existing property software to increase lease conversion, drastically reduce deposit administration and regulatory risk, and improve the resident experience.
LeaseLock has insured over $2 billion in leases backed by insurance rated A (Excellent) by A.M. Best. Our global investors include SoftBank Ventures Asia, Wildcat Ventures, Westerly Winds, Vertex Ventures US, Liberty Mutual Strategic Ventures, American Family Ventures, Moderne Ventures, and Mucker Capital.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211026005751/en/