Background

One of Sweden’s largest insurance companies, Länsförsäkringar, wants to transition from traditional insurance to proactive "peace-of-mind" solutions, through a new approach that prevents water damage.

Challenge

In order to shift from reactive claims handling to preventive measures in water damage risks, they need a solution that seamlessly integrates with their existing systems and offers real-time protection to policyholders.

Solution

This digital transformation helps early risk detection and minimizes potential damages and costs – which not only safeguards properties, but also enhances customer value.

Outcome

• Significant decrease in water damage claims.
• Enhanced customer satisfaction.
• Operational efficiencies and lower costs.
• Strengthened market position by "peace-of-mind" solutions.

Background

Länsförsäkringar, one of Sweden's leading insurance companies, is embarking on a significant transformation in its business model. The company aims to shift from the traditional role of simply providing insurance coverage to adopting a more proactive strategy focused on delivering comprehensive "peace-of-mind" solutions to its customers. A key component of this new approach involves the implementation of innovative measures designed to prevent water damage before it occurs. By moving beyond the conventional reactive insurance model, Länsförsäkringar seeks to enhance customer satisfaction and reduce claims through preventive solutions, ultimately fostering a safer and more secure environment for their clients.

Challenge

To successfully transition from a reactive approach to claims handling towards a more proactive stance focused on prevention, particularly in managing the risks associated with water damage, Länsförsäkringar requires a sophisticated and comprehensive solution. This solution must be capable of seamlessly integrating with their existing technological infrastructure and operational systems, ensuring that there is no disruption to the current workflows. Furthermore, it must offer real-time protection and monitoring capabilities for policyholders, enabling the early detection and prevention of potential water damage incidents. This approach would not only safeguard customers' properties more effectively but also significantly reduce the frequency and severity of claims. Ultimately, this shift towards preventive measures represents a crucial step in the company's broader strategy to deliver enhanced value and peace of mind to its policyholders.

Solution

This digital transformation is crucial for enabling early risk detection and minimizing potential damages and costs. By proactively safeguarding properties, it not only prevents significant losses but also enhances the value customers receive. This approach strengthens customer trust and satisfaction, providing them with greater peace of mind and security.

Outcome

• Significant decrease in water damage claims.
• Enhanced customer satisfaction.
• Operational efficiencies and lower costs.
• Strengthened market position by "peace-of-mind" solutions.