‘BELOW THE DEDUCTIBLE’ PROTECTION REDUCING CHURN FOR INSURERS
Servicing an ‘un-serviceable’ loss
Rejjee is not insurance. Rejjee is personal property registry app with secure JIT product loss reporting and replacement service that allows P&C insurers (condo/home/renters) to provide outstanding customer service even for an ‘un-serviceable’ loss.
$40-70B in consumer products are lost/stolen each year, affecting nearly 20% of US Households.
80%+ of individual product replacement cost falls below even a low condo/renters insurance deductible.
Police are unlikely to follow up due to the net financial impact of the one incident.
Customers are unlikely to file a claim the higher the ‘Perceived Deductible’ (PD).
High PD = churn, especially among price sensitive younger, mobile-first consumers
$500 – $2,000 lost bicycle, laptop, saxophone, other
$250 – $2,000 Insurance Policy Deductible
PLUS Perceived pain from increased premium, lost coverage, time delay from filing process
PLUS Emotional Cost, paid premium but no coverage, police unlikely to follow up or find/recover item
‘Perceived Deductible’ driving churn from un-serviced and un-serviceable losses
Up to $10K depending on item, circumstance, coverage, etc.
Estimated $2B+ in cost savings for the US P&C industry. Improve your retention and LTV today. Click here to request a copy of our ROI calculator.
Meanwhile, US Start-up Rejjee…helps consumers and insurers recover some portion of the estimated $37.2 billion dollars spent each year to replace property that is lost or stolen in the US alone. Forrester Research, Making the Business Case for Mobile Insurance
Investing in ‘wowing’ customers, not merely satisfying them, at key moments of truth is essential to reducing churn and increasing customer lifetime value – Report: Bain & Co.