Smart solar homes make the insurance industry SHINE!

It's been a while since there's been a disruption in the insurance industry, and now, there seems to be no stopping the next wave of insurance professionals from capturing one of the best kept secrets to long term customer satisfaction and retention... Product segmentation and differentiation.

What's this mean?

To my insurance professionals in the field:

When you include a product segment that truly makes a difference for your clients protection, or their bottom line, it adds another "line" of service to their portfolio that keeps them "hooked" to you.

To consumers of insurance:

When your insurance broker comes to you with a great idea that can save you money and improve your current situation, it's absolutely worth the few minutes of time it takes to listen and learn about what's new in the industry.

Regardless of who's on the receiving end of this writing, I can assure you this: You've just entered into the most dynamic space on the entire internet.

Imagine this, you've just connected with a service provider that can help agents earn more and consumers spend less, all within the same product segment. That's right, it's actually possible and exists for about 35% of eligible homeowners in the US.

What's this mystery product that's taking the country by storm? Well, it's actually not a storm at all, it's solar.

While solar power is as abundant as the sun, it's not apparent to many homeowners that they can harness this power and replace their rising electric bills with a lower, steady, monthly investment into their homes solar panels. This decision to chose energy independence reduces their electric utility bill down to just a couple dollars per month (for connection fees in most cases).

Now this number shrinks a little when you consider those that can actually qualify financially for $0 down, $0 Installation, & $0 until full inspection and power is on. And while the sun is available in all 50 states, solar installation through major solar distributors is only available in about 25 states across the country with consultations and full system designs available in less than an hour in many cases.

When considering the financial impact on homeowners going solar, there are a few perspectives to consider:

Homeowners: There is a consideration of your time that it takes to properly understand the industry. A great solar broker will not only have multiple options (companies, brands, etc.) for you to choose from, they'll also prefer (and even insist) that you be educated (at least a little bit) on the topic beforehand. This makes for a more effective conversation that's free from unclear jargon and misunderstood communication. The ideal company has been in business 20 years or more. This provides homeowners with peace of mind that it’s not a “fly by night” company, or even a smaller outfit that won’t be around when the next pandemic hits. The company should also be able to share comparable examples of their competitors’ systems and be able to articulate the value adds that makes their company the top choice.

Insurance professionals: Be sure to educate your clients on the areas of solar that your expertise should bring to the conversation, the economics of solar. Letting the homeowner know that there may be a slight increase in their homeowner policy is a MUST. While simultaneously letting them know if they qualify for any discounts with smart home features in the home such as smart fire alarms, glass break sensors, and water detectors that are integrated into the home alarm system. Discuss the financial impact of solar on the value of the home, the rebates available (which vary by state), the financing options available as well as the interest-saving pay down options should your firm have access to these tools.

Homeowners and insurance professionals alike are quickly embracing this technology that's making a difference for their homes and their agencies alike. Do your research and learn just how well solar may fit into your home (and firms) portfolio.