While working at Meridian Systems, a project management software company in the construction industry, in the 2010s, married couple John Bodrozic and Elizabeth Dodson got the idea for a home data management platform for insurance policyholders.
"Beth said, we can manage all these details of commercial properties, but we can't manage the details about our own home," Bodrozic recalled. "That was the inception for the idea to have a single platform for consumers to manage all the data about their house -- inventory, maintenance projects, finances – and launch it both as a consumer platform that consumers can use themselves as well insurance companies could provide to their customers as a way to engage their customers and bring value back to the insurance business."
In 2012, Bodrozic and Dodson launched HomeZada, their digital home management software platform. In the past year, however, the company has added AI applications that expand its vision to better reduce losses and maximize home values.
HomeZada's core is inventory of a home's contents, along with expenditures on maintenance and improvements. The platform inventories equipment and appliances that need maintenance, then provides users with maintenance reminders as well as guidance for home improvement projects, according to Dodson.
"We provide templates to make sure that people know the items they need for those projects as well as the tasks," she said. "A lot of homeowners, especially in this country, 50% of all their projects are over budget."
HomeZada's AI can inventory a residence using photos, detecting and inventorying items that way. The platform also now has climate and weather risk assessments, according to Bodrozic. "Every insurance company recommends their homeowners have a home inventory. Most don't because they think it's going to take too long or nothing's ever going to happen to their house," he said. "HomeZada has eliminated the 'it's going to take too long' with AI because now all the homeowner has to do is take a photo of each room in the house. AI is going to identify the objects in that photo, both personal property like the sofa and the electronics, as well as fixed assets."
The homeowners no longer need to enter information on their items, and can share their inventory directly with their insurer seamlessly, Bodrozic explained. This includes recognition of high value items like art, assessment of climate and weather risks, and the ability to recommend additional coverage the homeowner needs.
"Most people don't know that some of the items in their homes are covered by their standard policy," Dodson added. "Insurance companies want to help you cover everything, but they aren't in your home. By having a complete documented inventory, and sharing that with your insurance company, they can look at areas and say, yes, we need to cover this, that or the other."
HomeZada's weather alerts can link to homeowner users, and provide recommendations for protecting their homes, according to Bodrozic.
HomeZada gives insurers a new way to increase customer engagement, Bodrozic emphasized. Most insurer engagement with consumers centers on offering cheaper rates, he believes. "Maybe this is another value added engagement to keep renewals by engaging your customers, where you get to be the brand that's present," Bodrozic said, adding that the HomeZada platform's capabilities are an asset the insurer can emphasize.
