iptiQ enable ImmoScout24 to launch digital Loss of Rent insurance
- First insurance product fully integrated into ImmoScout24 digital ecosystem
- Pronounced need for Loss of Rent insurance exists among private landlords
- The protection for private landlords is offered digitally at start of tenancy contract
ImmoScout24 is the leading online platform for residential and commercial real estate in Germany. For over 20 years, ImmoScout24 has been revolutionising the real estate market and supports more than 13 million users each month on their way to acquiring their new home or commercial space. With its digital solutions, the online marketplace coordinates and brings owners, realtors, landlords tenants and buyers successfully together.
ImmoScout24 is constantly developing its range of new digital products and services. Consequently, they were interested in enhancing value for their landlord segment and looked to the insurance industry for a suitable solution.
Reducing tenancy losses for landlords
Research carried out by ImmoScout24 revealed that 65% of landlords had previously been faced with payment issues during a tenancy yet 90% many do not have any insurance for rent-related losses. Therefore ImmoScout24 was looking for an insurance partner with the technical capability to design and deliver a fully integrated Loss of Rent product – iptiQ fit that bill. So ImmoScout24 and iptiQ teamed up to close this protection gap and enhance customer value for private landlords.
Fully integrated Loss of Rent insurance
Together with ImmoScout24, iptiQ designed a straightforward loss of rent insurance against the financial consequences for a landlord should a tenant fail to pay the rent, either partially or completely. The insurance will reimburse the landlord for a maximum of six monthly rent payments with agreed deductibles. Coverage is easy to purchase and manage online and the customer can cancel anytime. With just a few clicks, a landlord can add the insurance cover to alleviate potential uncertainties at the early stages of a new tenancy agreement.
Both partners focus on their respective areas of expertise to ultimately create the best value and experience for customers. ImmoScout24 acts as a registered agent and promotes the digital insurance product via customer journeys and marketing activities. And while ImmoScout24 offers other insurance products, this is the first insurance product under their own brand and fully integration into their digital ecosystem.
iptiQ brings the insurance expertise – from the product design, user journey and customer experience right through to policy issuance, contracts and claims management – 100% digital and fully white-labelled. iptiQ delivered insurance product via a full stack API-based solution which enables direct and seamlessly interaction with partner ecosystems and this new proposition was created within just three months.
“The digital ImmoScout24 loss of rent insurance means that we can provide private landlords with an innovative service that makes renting out a property safer for them. Alongside our cooperation partner iptiQ, we can help make renting even easier, while minimising the impact of losses. This is particularly relevant if tenants experience difficulties meeting rent payments as a result of the COVID-19 pandemic – and other factors, of course.”
Ralf Weitz, Chief Commercial Officer ImmoScout24