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Swyfft provides home insurance policy quotes in seconds using only a home’s address.
Platforms: Browser
Ideal for: Independent insurance agents; buyer agents to recommend to clients; homebuyers
Top selling points
- Truly provides policy quotes in seconds
- Simple user experience
- Policies offer guaranteed replacement cost
Top concerns
Currently active in only seven states: New Jersey, Massachusetts, Illinois, California, Nevada, Texas and Alabama. New York is the next state to be online.
What you should know
As inventory tightens around the country, the slightest of delays can send a deal into chaos.
The team behind Swyfft has designed a home insurance purchasing tool they hope will eliminate deal delays and improve the policy-buying user experience.
After watching the demo and conducting personal tests, I can attest to the “quotes in seconds” promise — it’s not just marketing speak. It’s that fast, needing only a street address to produce a binding quote.
Links are provided to the property’s Zillow listing or Google maps view to visually ensure that the quote is being prepared for the correct location.
A person can choose to buy the standard policy as offered or buy a custom policy, which involves scrolling through and selecting specific coverage amounts.
The experience is clear and intuitive. It lacks superfluous industry jargon and demonstrates a very “Rocket Mortgage” approach to home insurance shopping.
The company offers full replacement cost on policies it sells. Legally, Swyfft is an MGA (managing general agent), or quasi-insurance wholesaler. Unlike standard insurance wholesalers, however, MGAs have more direct contact with the policy buyers.
Swyfft’s policies are underwritten by Clear Blue Insurance Company.
The solution is backed by big data sources and analysis tools that gather information.
I was told that 99 percent of the company’s focus is on independent insurance agents but that its intent is to broaden its appeal to real estate agents, which is why they contacted me.
Swyfft isn’t able to immediately quote on properties in areas where environmental risk is above average.
I’m presented with an error when I enter my address in Swyfft because of the increased chances of wildfire, and probably snow-load and tectonic plate upheaval. (Welcome to northern California!)
Agents in states where Swyfft is currently operating who want to maintain a tech-savvy brand — and make certain the home insurance shopping process doesn’t hamper the deal — could reap some benefits by recommending Swyfft.
I can also envision some consumers being skeptic of such a rapid-fire policy-buying process given the emotional weight of buying a home. Plus, many real estate agents already have a list of home insurance pros in their “selected vendor” lists.
That said, Swyfft is no doubt another well-executed example of how quickly every business line within the residential real estate industry is being streamlined by technology.
Have a technology product you would like to discuss? Email Craig Rowe.
