This upgraded automated claims feature detects potential loss on apartment leases, driving enhanced multifamily asset performance.
FREMONT, CA: The provider of a nationwide A-rated lease insurance program, LeaseLock, has launched the Automated Claims feature. The new feature significantly eases the administrative burden on onsite teams and alerts them of potential rent and damage losses, and enables associates to file a claim with a few clicks. The company has the potential to eliminate security deposits and deposit alternatives like surety bonds in rental housing. The potential loss events are displayed in the claims dashboard that is powered by real-time move-out ledger data. Leasing sides will be able to review possible loss events, submitting them as a claim without manual and time-consuming reconciliation efforts.
"Creating a frictionless, one-click experience is the future of insurtech," says Reichen Kuhl, CEO and Co-Founder of LeaseLock. "We aim to disrupt the old ways of insurance by proactively identifying and alerting 'potential losses' for our customers, rather than relying on a 'breakage' model dependent on forgotten claims. Our lease insurance product provides over $5,000 in coverage on every lease, and our extremely simple Automated Claims feature makes it easy for operators to mitigate losses from rent and damage—ultimately reducing bad debt."
LeaseLock is integrated with the major property management software systems, including RealPage, Yardi, and Entrata. The resident leasing experience is streamlined and completely native—needing no out-of-workflow processing further. "We are using insurtech to drive better asset performance for our enterprise multifamily clients," said Derek Merrill, COO and Co-Founder of LeaseLock. "Through our deep system integrations, we leverage data to power an experience an order of magnitude better than anything else on the market. This uniquely positions LeaseLock to automate the entire lease insurance process—from coverage to claims—and push the boundaries of what insurtech can do for the rental housing industry."
LeaseLock has found its mention in Top 10 Insurtech Startups by Insurance CIO Outlook. LeaseLock supports the world to find a home. Powered by insurance technology, the company delivers a modern lease experience for rental housing—faster, simpler, and more affordable. LeaseLock has insured over $200M in leases, backed by insurance rated A by A.M. Best. LeaseLock also bagged $10 million in Series A financing from pioneering insurance and real estate technology venture funds.