Back to School: Educating the Policyholder

Back to SchoolLabor Day weekend. The unofficial end of summer and for many parents and guardians, “It’s the most wonderful time of the year…” so a certain store jingle goes. Most of the troops will be back to school, and if you’re like me, the house isn’t the only thing a bit emptier.

Laptops, mobile phones, tablets, etc. are the new mandated staples for the return to academia–but it doesn’t stop there.  How about the budding musicians–a drum kit perhaps?  (insert cash register ring) The next Wayne Gretsky? — oh, you mean you would rather be a goalie than a center?  (cash register ring times two) Sports, music and other extracurricular activities can increase the back to school budget exponentially, causing our wallets and bank accounts to become a bit lighter this time of year. Unfortunately, we typically forget a very important point about this new “stuff.”  Is it covered?  Will that laptop in the dorm assaulted by coffee (or other beverages!) be equally covered by my homeowners policy?  Or that acoustic guitar left on the bus and now nowhere to be found?

Back to School should also be a time of educating the policyholder and providing them with the knowledge of which of these purchases are, and aren’t, covered under their respective policies. Making sure the appropriate coverage C, as well as limits and riders are up to date with these new “school-time” purchases is important to both the carrier and the policyholder. In the past, this task has been manual, tedious, and often ignored–but right pricing policies has been simplified by tools powered by predictive analytics, which can automate the complex task of quantifying the total value of personal property.

Continuing with the theme from last week’s blog, it’s also a good time to remind your policyholders of how helpful it is to keep a current contents inventory on hand, and technology can assist here as well. Free sites such as  provide policyholders with a place to easily create and store an inventory of their contents with the ability to upload receipts and photographs. If and when disaster strikes, having this inventory can reduce cycle time by as much as 100%–a lesson most policyholders would be happy to learn.

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