🦄 Vivint is taking insurance more seriously
Vivint Smart Home, the maker of home security products, is looking to do more around insurance.
The Utah-based public company, which was founded in 1999, is not new to the space – in 2013 it announced a partnership with Liberty Mutual to offer Vivint customers savings on auto and home insurance. Today, the company has an insurance agency – Vivint Warranty and Home Insurance, LLC – that was incorporated in 2019, is licensed in 50 states and offers insurance to a limited number of customers.
During the company’s Q3 earnings call, CEO David Bywater shared that the agency is on pace to sell around 8,000 policies in 2021. Bywater also revealed the company’s plan to become an MGA and develop specific homeowner coverages for customers. This move can potentially double the number of policies Vivint sells in 2022 according to the CEO.
On its site, Vivint features several job openings for its insurance team, promising no cold calling and assistance with getting licensed. According to LinkedIn, the company has around 15 employees on its insurance team.
“We believe our platform can help insurance companies better price the risks of a customer that has a professional installed system in their home that is monitored and used consistently to mitigate the severity of claims events. In short, we should be able to demonstrate to insurers that Vivint customers present a lower risk than homeowners without a smart home system or the DIY system that was inadequately sculpt and installed.” – Vivint CEO David Bywater.