Life insurance is weighed down by a complicated, intimidating process and ineffective consumer education, both of which are dragging the industry down and driving buyers away. Bubble, an innovative insurance company bridging the realms of PropTech and InsurTech, is working with real estate and mortgage companies to leverage homebuyers’ data in the hopes of streamlining the insurance buying process. The company embeds this solution in housing transactions during the entire purchase journey, effectively combining the two processes, as well as a bundled home + life insurance product into a simpler unified whole. In doing so, they help close the growing life insurance gap in the United States.
Problems with the Modern Insurance Process
In its current state, the insurance process has unique disadvantages for both homebuyers and real estate companies. Those buying homes face a cumbersome and disconnected offline buying process for disjointed and siloed products. Home insurance is mostly mandatory, and for real estate companies, this often results in unnecessary friction and delayed deals. Moreover, there is no structured way for real estate companies to monetize or benefit from this ancillary product.
The homebuyers and homeowners of today have high standards when it comes to their convenience. A complicated or time-consuming process can turn many away from a purchase or service altogether, no matter how important it may be. In fact, according to a 2019 study by Statista, at least 11% of respondents said that they did not own life insurance because they found the process too confusing. A further 27% did not own life insurance because they did not know which policy or how much coverage to get, and 11% simply had no time to figure out how to sign up.
In the age of Amazon, consumers have grown used to instant gratification online; they want an intelligent, integrated process, as swift and simple as can be. Bubble believes that real estate companies must integrate, digitize, and monetize every aspect of the buying process – including both home and life insurance – if they hope to maximize their potential and capture the modern American homebuyer.
Bubble is Solving for Both Sides
Bubble’s innovative solution benefits the entire housing ecosystem, from buyers to sellers to homeowners and renters. Gen Z and Millennials are increasingly independent; they want quick, simple, remote processes for most purchases. Consumers across the board are looking for integrated online offerings, but insurance is late to the digital party. “Insurance is still stuck in the analog,” as Bubble founder and CEO Avi Gupta put it.
To address this, Bubble sought a digital, data-driven solution to reshape the insurance buying process. During its initial evaluation of the homebuying process, the Bubble team realized that it would be much easier to buy many types of insurance at the point of sale for a home, allowing real estate companies to leverage the data they already have to simplify and shorten the buying process as much as possible.
Bubble’s state-of-the-art technology helps homebuyers protect their homes and loved ones with bundled insurance. It integrates seamlessly into real estate and mortgage transactions for a timely and effortless close of escrow while enhancing customer experience and engagement.
The Spark Behind Bubble
With an accomplished background in the PropTech sector, the Bubble team learned how people buy homes in real-time. They observed the complex and time-consuming home buying process from initial search to final closing. They soon realized that not only could the process be simplified in a number of ways, but the data acquired during the transaction, as well as data from myriad other sources, relating to localities and neighborhoods, could be used to simplify other processes for the consumer. They immediately set their sites on streamlining one of the most tedious purchase processes that the majority of Americans must endure – insurance. According to Gupta, “It’s all about improving the journey for customers. Our aim is to make the buying process as easy and intelligent as possible.”
“The COVID-19 pandemic and accelerating climate change in recent years have accentuated the importance of both our homes and our lives,” Gupta points out. “We want to help people easily wrap their homes, loved ones, and everything under their roof in a protective bubble, so they can live and thrive with a little more peace of mind.” Although Bubble currently offers bundled home, auto, and life insurance, they plan to add other protections such as pet insurance, travel insurance, umbrella policies, home warranties, and much more in the near future.
Meet the Team Behind Bubble
Bubble founder and CEO Avi Gupta’s got the entrepreneurial bug, and with each startup, his vision gets bigger and bolder. He founded SmartZip, which pioneered the use of predictive analytics and data-driven marketing automation for real estate. Its products powered many popular home search portals and helped brokers, lenders, and agents more efficiently grow their business. With Bubble, Gupta is bridging real estate and insurance.
Economist and Data Scientist Ashok Bardhan brings the science, sense, and sensibility of economics and other social sciences to the practice of AI/Machine Learning for solving real-world problems. He has an MS in Physics and Mathematics, an MPhil in International Relations, and a Ph.D. in Economics.
To learn more about partnering with Bubble, or to see how Bubble streamlines online purchases of bundled insurance products, visit https://partnerwithus.getmybubble.com/.