Leap Debuts First Advanced-Decisioning Renter Access Program

Leap, the newest disruptor at the intersection of insurtech and real estate tech, has launched a cutting-edge rent guaranty product. The company uses advanced, proprietary credit-scoring models to underwrite tenants and to write insurance policies for landlords that falloutside of typical practices in today’s residential real estate world. Currently, Leap is concentrating on millennials and generation Z, a large demographic that embraces city living and is broadly delaying homeownership in favor of renting. Its programs provide unprecedented apartment access to those who fail to qualify under antiquated and pervasive real estate underwriting practices. These hurdles are particularly high for renters such as students, expats, and young professionals, which further drives the need for this type of technology.

“With fintech principles fueling cutting-edge insurance technology, we have simplified the process for residents, landlords and brokers,” points out Rory O’Connell, Leap’s Co-founder and CEO. “Highly efficient underwriting and customer onboarding technology leads to efficiencies and cost savings all along the production line. Leap passes these savings on to the consumer, making our rent protection product a terrific value and an easy purchase decision for consumers, while offering best-in-breed insurance coverage to landlords.”

Leap’s advanced-decisioning Renter Access product resolves many of the inefficiencies that exist in today’s real estate underwriting process, such as decisioning on thin credit files, requiring pre-paid rent and disqualifying out-of-state guarantors. It also replaces the need for parents to qualify as co-signers. There is clear benefit to landlords as well, not only saving on administrative costs associated with handling security deposits and prepaid rent, but also protecting their assets by securing the rent roll of every covered tenant. Rather than chasing defaulting tenants or co-signers for unpaid rent, landlords simply submit a digital claim and are paid their missed rent immediately.

Leap offers two programs to address different rental needs. Those who have already found an apartment can receive approval for their place within minutes and be ready to sign the lease within hours. Alternatively, Leap is the first player in the space to offer pre-approvals before tenants find a place, giving them the power and freedom to apartment shop with confidence. In addition to its simplifying the apartment hunting process, pre-approvals expand apartment opportunities and ensures faster lease signings for brokers and landlords alike.

More information on Leap’s Rental Access renter programs may be found at www.leapeasy.com.