Insurtech is all about making processes quicker, more accurate and easier for the consumer, whilst maintaining the trust element that makes people part with their hard-earned cash. Lemonade is showing exactly how appealing the idea of automated claims, app-based cover and minimal human interaction is in the US market. Other companies are racing to automate and streamline their customer UX too. Makes sense.
As developed economies suffer a downturn, people are going to be less likely to meet the tenat deposit schemes that many landlords prefer. The jobless total in the UK and US is rising rapidly after Covid-19 and the closure of many businesses. The solution to the rent deposit problem may well be an insurance backed finance plan, so that both tenant and landlord feel more confident in signing tenancy agreements.
LeaseLock, the first and only nationwide A-rated lease insurance provider that totally eliminates security deposits, surety bonds, and guarantors in rental housing, today announced a major product release that deeply integrates into property software systems to make claims faster, simpler, and more automated.
The product update optimizes claims filing into an effortless process with helpful autofill features to create a one-click experience. Powered by system integration, the product itemizes claims and auto-uploads documents — making the claims experience simple and easy.
“Nobody wants to submit an insurance claim, but, unfortunately, at times there is a need to do so,” said Nir Goldberg, Managing Partner of GoldCor Capital Partners, which owns apartment communities throughout the Sun Belt states. “Fortunately, LeaseLock has implemented a seamless claims process for our onsite teams that delivers the additional financial protection we need.”
“As a modern insurtech company, we’re reimagining the way value is delivered to our customers,” said Derek Merrill, Founder and CEO of LeaseLock. “While surety bond providers deliver off-system claims forms and manual processing, our engineering team is hard at work deeply embedding our product into multifamily systems for effortless deployment.”
The claims product release overlaps with a period of explosive growth for LeaseLock. Q2 marked the fourth consecutive quarter in which the company experienced 100% growth in launched apartment homes. With that expansion, LeaseLock has established clear category leadership in the deposit replacement space and is aiming to displace $50 billion in deposits in the U.S. market.
LeaseLock powers a modern lease experience with insurance technology. Instead of paying a deposit, renters pay a small monthly deposit waiver fee and the property receives over $5,000 in rent loss and damage coverage on every lease—a level of protection that far exceeds that provided by typical security deposits and surety bonds.
LeaseLock has insured over $300 million in leases across the industry’s largest apartment portfolios and is expanding across over 2 million rental units under management at current clients. Its clients include NMHC Top 50 operators Greystar, Pinnacle, Avenue5 Residential, FPI, Bell Partners, Harbor Group and LMC, as well as ownership groups such as UBS, TruAmerica, Eaton Vance, and Goodman Real Estate.
LeaseLock integrates with all major property management systems, including Yardi, RealPage and Entrata. The lease experience is seamless and completely native—requiring no out-of-workflow processing while also automating claims for onsite teams.
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