SFR Insurer Launches Instant Quote-and-Bind Platform

SES Risk Solutions, which describes itself as a “tech-enabled provider of insurance services for large portfolios of real estate,” announced the launch of its new instant quote-and-bind platform for single rental property locations.

QUBIE “enables insurance brokers to instantly quote a single-family (1-4 unit) long-term rental property with only a street address,” a company release says. “The entire process from quote-bind-policy issuance takes less than three minutes.”

The new service is predicated on three factors. One is the time pressures that insurance brokers face, with a short window to get a quote to a prospect and close the business. The second is the need to separate the business nature of rental properties from someone’s personal properties. And third, these are small side businesses for the property owners.

“More than 70% of the residential real estate investment market is owned by individuals who own less than two rental properties,” the company’s release says. “With rising property values and interest rates, the residential rental property industry has seen a massive shift in the market’s needs and available technology. SES’s 30-year history with market-leading carriers, combined with key partnerships with Prop-Tech and property managers, enables brokers to provide comprehensive and competitive coverage tailored for real estate investors of all sizes.”

“SES has insured more than 185,000 assets and currently services more than 75,000 properties nationwide for fiduciaries and owners and managers of single-family rentals utilizing master policies,” the company claims on its website. “In early 2014, SES expanded its product offerings and tailored its technology platform to address the evolving insurance needs of real estate investors who invest in residential properties with one to four units in the REO to rental market. Our focus on service, empowered by technology, enables us to bring a distinctive brand of expertise to the marketplace, which helps our broker partners and their clients gain a powerful competitive advantage.”

SES says that the QUBIE online quotation process “takes less than three minutes.” If based as it says on providing nothing more than the address to generate a quote, it raises the question of how accurate the quote can be. That would depend on the level of information kept on the property, including previous accident reports, current valuation, information on the changes in the neighborhood, and so on.