COVID-19 creates urgent need for safe delivery of essential services; Streem reduces in-person infection risk and drives industry transformation
As the nation navigates the challenges of ensuring public health and safety, and the uninterrupted delivery of essential services, Frontdoor (NASDAQ:FTDR), the nation’s leading provider of home service plans, is providing an innovative solution to home service contractors and real estate professionals that will transform how they interact with customers and clients now and in the future.
The company is making Streem, its secure and easy-to-use augmented reality (AR)- and artificial intelligence (AI)-powered remote communications platform, available for a limited time at no charge to thousands of its home service plan contractor firms. Streem is also being introduced to real estate agents across select brands and markets through Realogy, the leading real estate company in the U.S., as well as Howard Hanna, the largest family-owned and operated real estate firm in the nation. Frontdoor leaders expect to make Streem technology available to even more real estate agents and contractors in the weeks ahead.
"When we acquired the Streem business in 2019, we knew its technology could be game-changing. The pandemic has accelerated the transformation in the home services industry and created an urgent need for innovative solutions to protect the health and safety of the public. The Streem platform is user-friendly and powerful, and allows consumers to have access to essential services, remotely," said Rex Tibbens, CEO of Frontdoor, which responds to more than four million service requests annually through its American Home Shield, HSA, Landmark and OneGuard brands. "The real estate industry and small businesses such as independent home service contractors sustain our economy. By equipping them with Streem for free, they’re able to safely provide their critical expertise and services to homeowners during this unprecedented time.
"Streem also allows work to be done more efficiently and creates a better customer experience, two tenets that are at the core of Frontdoor’s mission to take the hassle out of owning a home," said Tibbens.
How does Streem technology work?
Streem is vastly different than other remote video technologies. The platform uses proprietary AR, spatial mapping and AI to create a secure one-way video and two-way audio session on any mobile device that allows the host and homeowner to connect remotely.
For real estate agents: Using Streem, an agent can connect remotely with the homeowner who leads them on a virtual tour of the home via their smartphone or tablet. The agent can provide staging advice and guide the homeowner to areas that need closer inspection while capturing notes and on-screen mark-ups for future reference, and also seamlessly collect the make, model and measurement of appliances. The platform also enables the agent to create high-definition digital assets for use in marketing, including 360-degree tours of the property so that potential buyers can then view the home remotely before ever stepping onsite.
For contractors: With Streem, a contractor can engage remotely with the homeowner, guide them through a visual inspection of a malfunctioning item (from major systems to appliances), troubleshoot the cause of the breakdown and collect important information such as make, model and serial number. Not only does this reduce the number of required in-person visits, it also speeds the repair process because the contractor can better ensure that the necessary parts and equipment are in-hand when he or she arrives to make the repairs. The combination drives a better experience for the customer and lower costs for the contractor.
"Now more than ever, our homes are our sanctuaries – they’re where we live our daily lives, and even work, as the COVID-19 crisis continues to unfold," said Ryan Fink, Streem president and general manager. "Streem is uniquely equipped to help keep families healthy and safe in their homes, and to allow service contractors, real estate professionals and others to continue to meet critical needs across our nation. We also know that the pandemic will have a lasting impact on how we live and work and believe that this technology will have a transformative influence on how business is conducted going forward."
Portland-based Streem, which was founded in 2017 by Ryan Fink and Sean Adkinson, has earned numerous accolades in the technology and consumer services industries, including the IHS Markit Innovation Award, which was presented at the 2018 Mobile World Congress in Barcelona. In June 2019, it was ranked second on the Crunchbase top 50 global list of technology companies, and earned a Frost & Sullivan Best Practice Award for Artificial Intelligence (AI) technology innovation in October.
To learn more about the technology, visit Streem.pro.
Frontdoor is a company that’s obsessed with taking the hassle out of owning a home. With services powered by people and enabled by technology, it is the parent company of four home service plan brands: American Home Shield, HSA, Landmark and OneGuard, as well as Candu Home Solutions, an on-demand membership service for home repairs and maintenance, and Streem, a technology company that enables businesses to serve customers through an enhanced augmented reality, computer vision and machine learning platform. Frontdoor serves 2.2 million customers across the U.S. through a network of approximately 17,000 pre-qualified contractor firms that employ approximately 60,000 technicians. The company’s customizable home service plans help customers protect and maintain their homes from costly and unexpected breakdowns of essential home systems and appliances. With nearly 50 years of experience, the company responds to over four million service requests annually. For details, visit frontdoorhome.com.
Streem’s mission is to make the world’s expertise more accessible. Using augmented reality (AR), computer vision and machine learning, Streem makes communication between consumers and brands more efficient, more accurate, and more convenient - all while providing contextual insights to the brand. Streem provides a full platform (SDK and Web) that enables remote video collaboration, offers simple AR tools to make that experience as valuable as being on-site, and automatically captures relevant project or product data to better arm experts with the information they need. Streem is part of the Frontdoor (NASDQ: FTDR) family of brands.
Information Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and beliefs, as well as a number of assumptions concerning future events. These statements are subject to risks, uncertainties, assumptions and other important factors. Readers are cautioned not to put undue reliance on such forward-looking statements because actual results may vary materially from those expressed or implied. The reports filed by Frontdoor pursuant to United States securities laws contain discussions of these risks and uncertainties. Frontdoor assumes no obligation to, and expressly disclaims any obligation to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are advised to review Frontdoor's filings with the United States Securities and Exchange Commission (which are available on the SEC's EDGAR database at www.sec.gov and via Frontdoor’s website at investors.frontdoorhome.com).
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