Disrupt insurance for new home buyers
business economics insurance finance business
$1,000
top 10
83
submissions
DONE
20 months ago
Small pic title insurance

The purchase of a home is one of the most expensive and important purchases you will ever make. You and your mortgage lender will want to make sure the property is indeed yours and that no one else has any claim on your property. Title Insurance, which is purchased through a License Title Agent, protects your interests and the interests of the lender, should a claim be made against your property. The insurance is necessary because title disputes, or claims that a property is owned by more than one party or encumbered by a lien or tax, are common themes in the American court system. Without the insurance, the buyer could expose themselves to outstanding issues, liens, taxes or prior utility assessments just to name a few. Watch this video to learn a bit more about how title insurance works.

The Problems:

- Home buyers (especially new ones) have not historically paid attention to who they use as a title agent to purchase title insurance and consider it just another fee when buying a home.

- Mortgage brokers and real estate agents tend to influence the homebuyer as to what title agents or title companies they use to purchase the title insurance

- Title agents and the title insurance they sell is highly regulated at the state and federal level

Deliverables

We need your help in rethinking the way title insurance is sold. Rather than relying on mortgage brokers or real estate agents to promote us, we want to find new ways of bringing awareness to a home buyer for this one-time purchase.

Submit the following:

1) How would you connect with home buyers? (direct or through another channel?)

2) What products, resources, or relationships would be needed to execute this plan?

3) Why would this approach resonate with the home buyer and cause them to select us to represent them in purchasing title insurance.

4) (optional) sketches, drawings, mock-ups, charts, graphs or any other visuals to support your idea

Criteria:

- Title insurance has to be sold through a licensed Title Agent, but the best submissions will find a new way to encourage home buyers to select us as their Title Agent.

- Your idea could be a product (app, site, etc), marketing campaign (ads, video, etc), proposed change to the system of how title insurance works (do some research!), or anything else you think will help reach our goals.

- Winning ideas will be ORIGINAL, CREATIVE, and most importantly FEASIBLE. Lobbying to change the laws and controls around title insurance is not feasible.

- Click here to learn more about title insurance and how it works

    Submissions will be graded on the following criteria:
  • Meets Deliverables
  • Creativity
  • Clarity
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