A new technological innovation straight out of Silicon Valley provides companies home and life insurance an instantaneous online process. Today, the company, Bubble, released its Insurance-in-a-Box offering that allows real estate and mortgage companies to embed digital homeowner's and life insurance seamlessly into real estate transactions.
Bubble accumulated $1.75M in pre-seed funding by The House Fund with participation from Tuesday Capital, Correlation Ventures, and North Coast Ventures. This new technology will make home buying and refinancing a breeze for consumers and lenders. Within just a few minutes, consumers can protect their homes as well as their families' futures while simultaneously making a home or loan purchase.
Bubble’s Insurance-in-a-Box offering includes widgets, APIs, white-branded or co-branded consumer sites and referral URLs that real estate companies can use to embed accurate home and life insurance quotes into loan and purchase flows. This combines data from home and mortgage transactions with its own extensive database and analytics so Bubble can deliver custom-tailored quotes and in real time.
Through Bubble’s online portal, consumers can customize their coverage, maximize discounts, complete applications, and have their policies approved and issued in a matter of minutes.
Top-rated insurance companies are integrated with Bubble to match customers with personalized policies instantly online. The recommendation engine is guided by AI technology, called Bubble LifePal. Currently it finds optimal coverage options with Stillwater for homeowner's insurance along with SBLI and Pacific Life for term life. Integrations with other insurance providers are forthcoming.
"We are excited to offer our range of home insurance products on Bubble's all-digital platform," said Stillwater vice president of inside sales and sales systems, Alisa Ruenprapan. "Bubble's intuitive online flows demystify the process while giving users the flexibility to customize coverages to their needs. Together with Bubble, we're making insurance buying as easy as pie."
"With Next Term Life, you don't have to anticipate the future and buy more life insurance than you need," explained Joe Kordovi, assistant vice president of innovations at Pacific Life. "You start with the coverage you need today and can increase or decrease at key life events, such as buying a house, without additional underwriting. It's an innovative product that lets you 'lock in' your health rating, typically when you're young and healthy. Bubble's online platform that integrates life insurance at this key milestone is the perfect entry point for Next Term Life."
Another life term product by SBLI offers a fluid-less (ie. no medical test) underwriting process and provides instant online decisions within minutes. "SBLI is very happy to work with Bubble and offer a unique and simplified issue digital term insurance solution to Bubble customers through this valuable partnership. This strategic collaboration supports SBLI's continued commitment to build diversification in both our product and digital distribution areas," said Denis Clifford, senior vice president of sales and distribution at SBLI.
"Bubble streamlines the natural flow of life events: starting a family, buying a home, insuring it, and insuring everyone living there," said Bubble co-founder and CEO, Avi Gupta. "Millennials especially stand to reap the benefits of bundling life and home insurance while they're young and healthy. They can lock in a great rate for the next several decades. Our mission is to make it as simple and straightforward as possible for them to do that."
Besides increasing the speed for real estate transactions, this technology may also help lenders and loan servers mitigate the risk of default with term life policies covering borrowers. These companies can even monetize insurance by sharing commission splits and referral fees with Bubble under certain circumstances.
Dan Zettler, partner at Barnstable Mortgage Group, said: "As mortgage brokers for nearly 20 years, partnering with Bubble allows us to leapfrog our offerings into the digital world with a completely online experience for personalized home and life insurance. Taking the pain and hassle out of insurance purchases is a no-brainer!"
