Mitigating Problems the Mitigateway….. way!
What is your product?
A home inspection tool that allows homeowners to inspect their own homes for the leading causes of property insurance claims. We are proactively “mitigating” damage/expenses. We protect people’s homes, memories and loved ones all while protecting their and their insurer’s assets.
Where did the idea for Mitigateway develop from?
Our founder spent almost a decade in insurance and realized that insurers were relying on indirect metrics to understand their risk. Indirect metrics are acceptable when calculating risk but cannot be used for claim prevention. We are building software that allows insurers to collect direct metrics about the properties they are insuring and using this data to build out prevention/ maintenance plans which engage the property owner.
Why did you choose the name Mitigateway?
We are the gateway to mitigating claims. Though realistically we came up with it over coffee and the URL was available.
Who is your current target audience?
Property insurers, large and small.
How do you think Mitigateway is going to change the industry?
Home insurance has become a commodity that is struggling with customer engagement. By collecting direct metrics about a customer, we can help insurers differentiate themselves by allowing them to offer services other than the simple financial risk transfer mechanism that home insurance has become.
What made you want to join an accelerator program?
The number one thing that a start-up can do is speak to customers. Being surrounded by insurers who are embracing innovation is invaluable.
How does Mitigateway improve the quality of life?
Mitigateaway prevents property damage resulting from flood and fire. While insurers will cover the monetary equivalent for the loss occurred, they will not cover the sentimental value lost when a property is damaged. The stress involved in losing sentimental property, or worse a loved one, can be avoided if the damage is prevented.
What advice would you give a startup that is interested in joining the Hartford InsurTech Hub’s accelerator program?
Be working on a product that insurers need and want.