New LeasingDesk Partnership Makes Securing Renters Insurance Easier
We’re excited to announce an integrated partnership with LeasingDesk to offer eRenterPlan purchases directly within the Updater platform. For properties that currently partner with LeasingDesk, the partnership allows residents to purchase renters insurance directly within the Updater app. This means no outside websites to navigate or phone numbers to call, creating a more seamless and integrated experience for residents.
Residents of Updater clients whose LeasingDesk partnerships are currently displayed in Updater will automatically see this new functionality. For clients with partnerships other than LeasingDesk, Updater will continue to feature the preferred insurance partnership within the existing “Secure Your Insurance” workflow.
Let’s take a closer look at the new integrated experience and its benefits.
Benefits to Properties
Increased Resident Retention
Purchasing renters insurance through Updater's integrated eRenterPlan experience is more seamless for residents than obtaining insurance via outside providers. On average, the renewal rate for residents satisfied at move-in is 59% higher than the renewal rate for residents who are dissatisfied. Reducing the amount of friction for residents during the insurance purchasing process is a simple way to immediately ease their stress and improve their move-in experience.
Helps Ensure Liability Coverage
In order to protect assets, many properties require residents to obtain a minimum amount of coverage for their rental units. To ensure residents obtain the correct coverage, Updater’s new experience enforces coverage requirements by preventing residents from purchasing an eRenterPlan policy that’s below the minimum coverage allowed by their property.
Results in Additional eRenterPlan Policies Sold
On average, 30% of residents at properties who partner with LeasingDesk purchase an eRenterPlan policy. Updater’s partnership with LeasingDesk allows properties exclusive access to the other 70% of residents who have traditionally gone with outside insurance carriers — targeting them during a crucial decision-making period in their move. Overall, more residents will be insured and more residents will purchase eRenterPlan policies specifically.
Who Has Access & What They’ll See
Residents whose properties partner with LeasingDesk have access to purchase an eRenterPlan policy directly within the Updater platform. Existing within the “Secure Your Insurance Step,” residents click into the step and are guided through the purchasing process, allowing them to purchase renters insurance without navigating away from their Updater Dashboard. It’s one less website for residents to visit and a lot of time saved.
If you’re an Updater partner and have additional questions, we’d love to hear from you. Please reach out to your Success Manager with questions or concerns.
Ash is the EVP of Real Estate for Updater's Insurance Division. He is responsible for all insurance initiatives and partnerships related to Real Estate. Ash has worked in the Property Management Industry for over 20 years. You'll be hard-pressed to hold a conversation with him without hearing about Updater, Apple, and CrossFit.