New ISO Solution Appeals Millennials’ Insurance Needs

The coverage is designed for growing segments of the population, from millennials to “empty nesters,” who are living more mobile lifestyles.

(Image credit: U.S. National Park Service.)

ISO (Jersey City, N.J.) has launched a new personal inland marine solution directed at the personal property coverage needs of millennials and other consumers who may not stay in one place for long.

Doug Caccese, President, Personal Lines, ISO.

The vendor’s new Your Belongings solution is designed to enable insurers to offer coverage on personal possessions for policyholders from any location globally. The coverage is designed for growing segments of the population, from millennials to “empty nesters,” who are living more mobile lifestyles and whose needs are thus distinct from traditional homeowners or renters insurance.

“There’s a need for new solutions for today’s customers-those who lead a less traditional lifestyle and don’t put down roots in one place,” comments Doug Caccese, president of ISO Personal Lines. “But these customers still need coverage for items that travel with them, including their clothing, jewelry, and personal electronics. The Your Belongings coverage gives insurers an opportunity to earn customer loyalty by providing critical protection at every stage of their journey.”

Addressing Non-Traditional Risks

As an example of addressing non-traditional risk needs, Your Belongings builds on ISO’s recent introduction of a personal property endorsement for personal auto policies, which meets drivers’ needs to cover their possessions when they may not have homeowner or renters insurance coverage. Your Belongings contains long-standing policy language and flexible coverage limits for many perils a policyholder may face, according to the vendor. ISO has filed the new coverage in the majority of states and reports that it will continue through the remainder of 2018.

Which Technology Will Have the Biggest Impact on Insurance in the Near Future?

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

Leave a Comment

(required)