Doug Schaedler, CEO and Co-Founder of Homee, discusses the company's unique approach to insurance, their contractor network, and their pivot into the industry. He also explores Homee's culture and hiring practices, as well as the evolution and expansion of the business.
Homie's software-driven approach revolutionizes the way adjusters handle claims, automating and streamlining manual touchpoints to increase productivity and enhance customer experiences.
Homie cultivates a robust contractor network of high-quality professionals, ensuring exceptional service quality through stringent standards and data-driven customer feedback.
Deep dives
Homie's Origins and Pivot to Insurance
Homie initially started as a software solution for home improvement and services. However, after a pivotal moment when the founder's air conditioner broke down while he was away, specifically in San Francisco, the idea for a more efficient and technology-driven approach to home services was born. Recognizing the inefficiencies in the fragmented market, the founders decided to create a platform that would curate a network of verified service professionals, ensuring quality and transparency. As the company evolved, it caught the attention of Liberty Mutual, which saw the potential to improve adjuster efficiency. This led Homie to pivot its focus to the insurance industry, partnering with major carriers like State Farm, Liberty Mutual, and The Hartford. Through strategic partnerships and investments, Homie has been able to build a software-led and customer-centric solution for insurance claims, streamlining the adjuster workflow and enhancing the overall customer experience.
The Power of Homie's Software and Adjuster Workflow
Homie's software-driven approach has revolutionized the way adjusters handle claims. By automating and streamlining the manual touchpoints in the adjuster journey, Homie's software allows adjusters to focus on high-value claims and significantly increases their throughput. The software runs parallel to the adjuster's daily processes, pushing updates and information to their core systems, such as Exactware, GuideWire, or Symbility. This eliminates the need for additional software or overwhelming the adjuster with unnecessary tasks. The adjuster's role becomes primarily monitoring the claim and intervening only when necessary. This innovative workflow optimization not only boosts adjuster productivity but also leads to exceptional customer experiences, resulting in higher customer satisfaction and improved customer retention for the insurance carriers.
Homie's Contractor Network and Customer Satisfaction
Homie has cultivated a robust contractor network consisting of high-quality professionals. While initially starting with a larger number of contractors, Homie chose to tighten the criteria for inclusion in the network. This enabled them to elevate the quality of the network and ensure that every service provider meets their stringent standards. The network consists of thousands of service professionals across various trades, including roofing, plumbing, and general contracting. Homeowners can have confidence in Homie's vetted and background-checked professionals, resulting in exceptional service quality. Furthermore, Homie places a strong emphasis on customer satisfaction, utilizing post-job surveys and Net Promoter Scores (NPS) to gather continuous feedback. This data-driven approach enables Homie to constantly improve the customer experience and offer top-notch service to policyholders.
Acquisition of MyCat Marketplace and Future Growth
Homie's acquisition of MyCat Marketplace further expands its capabilities in the insurance industry. MyCat Marketplace provides predictive analysis and capacity planning for catastrophic (CAT) claims. By leveraging predictive capabilities, carriers can proactively assign capacity to vetted professionals in areas affected by storms or other disasters. This improves response times and ensures efficient handling of CAT claims, avoiding the chaos and delays typically associated with these events. Homie's continued focus on growth and innovation has positioned them as a leader in the insurance technology space. With strong financial backing from strategic investors, a talented team, and a focus on providing superior customer experiences, Homie is well-equipped to seize new opportunities and potentially explore tuck-in acquisitions to further enhance its product portfolio.
In the latest episode of FNO: InsureTech, host Lee sits down with Doug Schaedler, CEO and Co-Founder of Homee. As a leader in the industry, Doug Schaedler brings a wealth of knowledge and expertise that is sure to benefit all listeners. Tune in to learn more about Homee's unique approach to insurance, their services and network; and how they're shaping the way property claims are completed. This episode promises to offer another unique perspective and view into the world of insuretech.
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