Assurant Extends Contract With Avenue5 Residential
The new contract facilitates Avenue5's implementation of Assurant's new Cover360 resource.
Assurant Multifamily Housing, the residential insurance arm of Assurant, has extended its contract with Avenue5 Residential, a Seattle-based provider of property management services in a new multiyear deal. The new contract includes a transition from Avenue5’s previous use of Assurant’s proprietary Point of Lease platform to its newer Cover360 resource, which allows for a greater degree of manager autonomy and participation in the insurance signing process.
The new contract and products will encompass the entirety of Avenue5’s management portfolio of more than 500 communities and 98,000 units. Within the Cover360 platform, residents will be given the option of coupling their rent with Assurant’s proprietary offerings, which are covered through an automated billing process, or integrating it with third-party coverage. Additionally, the platform will include automated service tracking and self-enrollment capabilities.
The automation era
Assurant’s integration of automation into its multifamily insurance products takes place during a time when property managers are leveraging automation in all areas, from marketing and leasing to HVAC systems. Such incorporation has allowed multifamily property managers to focus more on the more human-centric and hands-on aspects of the field. Further explaining the context of the contract extension, Ryan Lumsden, the company’s president, said in prepared remarks that Cover360 allows PMCs to move away from more manual, labor-intensive processes to the Cover360 portal helping them increase revenue and reduce expenses.