LeaseLock Named to Top 100 Global List of Insurance Technology Companies

MARINA DEL REY, Calif., Nov. 1, 2018 /PRNewswire/ -- LeaseLock, the only provider of a nationwide A-rated lease insurance program that replaces security deposits in rental housing, today announced that it has been named to the INSURTECH100 listing of the world's most innovative insurtech companies. The research firm FinTech Global compiles the annual listing, which is based on such criteria as a company's ability to solve a significant problem within an industry and to provide its clients with cost savings, greater operational efficiencies and revenue growth. 

"We are honored to be named to this influential list of innovative companies that are implementing bold new solutions in the world of insurance technologies," said Reichen Kuhl, founder and CEO of LeaseLock. "We believe we have the revolutionary nationwide product that is transforming the apartment industry by allowing operators to convert more leases and residents to slash their move-in costs. As a result, we have experienced an impressive growth trajectory, protecting more than 1 million rental units to date. With more operators continuing to come onboard, our insurance program continues to strengthen with scale—our clients' risk is further diversified, our prices are getting lower and our coverage is expanding."

LeaseLock's Zero Deposit™ solution completely replaces security deposits with insurance. Renters simply pay a monthly fee starting at $19 that insures the property for up to six times the monthly rent and damages. Residents save thousands of dollars at move-in while properties convert more leases with better protection against damage, skips and evictions. Operators who have replaced security deposits with LeaseLock include Avenue5 Residential, Lennar Multifamily Communities, ROCO Real Estate and The Bainbridge Companies.

Unlike other market solutions that require a separate underwriting application and billing process, LeaseLock is powered by data from its integrations with Yardi and RealPage property management software systems. The integration allows LeaseLock to apply the appropriate coverage and rate for each renter using a proprietary risk underwriting algorithm—providing instant coverage for all applicants in real-time. The integration in these enterprise property management software systems automates the entire LeaseLock process, making it fast for renters and seamless for leasing professionals.

The combination of LeaseLock's low monthly fee relative to a large security deposit and end-to-end process automation results in higher lease conversion rates. Further, LeaseLock clients benefit from eliminating administrative costs associated with managing security deposits, which may amount to millions of dollars annually in operational expenditures. When a resident moves out, the integration prompts an automatic payment wired electronically to the property within 48 hours of move-out to cover expenses associated with turning the unit.

About LeaseLock

LeaseLock helps the world find "home." Powered by insurance and technology, LeaseLock is reinventing the way renters and properties transact - making it faster, simpler and more cost-effective.

Headquartered in Marina Del Rey, CA, LeaseLock replaces security deposits with insurance. Renters pay a monthly fee starting at $19 that insures the property for up to 6x rent and damages. LeaseLock is the first nationwide A-rated (Excellent) lease insurance program, protecting more than 1,000,000 apartment homes. In April 2018, the company secured a $10 million Series A funding from leading insurtech and real estate technology funds including Wildcat Venture Partners, Liberty Mutual Strategic Ventures, American Family Ventures and Moderne Ventures. For more information, please visit www.leaselock.com

Media Contact:   
LinnellTaylor Marketing
Marlena DeFalco
Account Director
(303) 682-3943 
[email protected]

SOURCE LeaseLock

Related Links

http://www.leaselock.com