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Frontdoor, Inc. Signs Exclusive Agreement With Moen
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Frontdoor, the leading U.S. home warranty provider, signed an exclusive deal with Moen to install its Flo Smart Water Monitor and Shutoff in California. This initiative targets homeowners purchasing Flo via home insurance provider programs. The mandate by insurers to install such devices aims to decrease water damage claims by up to 96%. The agreement, effective June 7, will leverage Frontdoor's vast network of plumbing contractors for thousands of monthly installations. Additionally, Flo customers will receive a year of Frontdoor Unlimited membership, including unlimited video chats with experts and access to local pros.
Positive
Frontdoor has signed an exclusive agreement with Moen, a top industry brand.
Potential revenue growth through new distribution channels in California.
Reduction in insurance claims due to the proactive leak detection by Flo Smart Water Monitor and Shutoff, up to 96%.
Flo customers receive a free year of Frontdoor Unlimited membership, potentially increasing user engagement.
Negative
Dependence on California's regulatory environment and insurance market could pose risks.
Insights
This exclusive agreement between Frontdoor, Inc. and Moen should be considered a noteworthy development for both companies. For Frontdoor, aligning with a well-known brand like Moen could greatly enhance their market reach and credibility, particularly in the lucrative California market. Insurance providers mandating shut-off valves presents an immediate demand, which Frontdoor can tap into through this partnership. This could potentially lead to a substantial increase in revenue for Frontdoor as it capitalizes on new installation opportunities. However, integrating Moen’s technology will be key to ensuring the success of this initiative. Additionally, the free Frontdoor Unlimited membership offered to Moen Flo customers may help in fostering long-term customer relationships and upselling other services. Investors should monitor the execution of this partnership and its reception in the market, as well as any announcements regarding expansions into other states.
From a financial perspective, the agreement with Moen presents a promising opportunity for Frontdoor. By addressing a compliance-driven demand in California, Frontdoor is strategically positioning itself for growth. The projected thousands of installations per month could translate into significant revenue, especially considering California’s large population. However, while this initiative has potential, it's important to evaluate the associated costs. The free annual membership for Moen Flo customers adds value but also represents an upfront cost that could impact short-term profitability. Investors should weigh these factors and consider the scalability of this agreement to other states as a long-term growth driver.
The integration of Moen’s Flo Smart Water Monitor and Shutoff with Frontdoor’s service offerings is a smart move. Flo’s proactive leak detection technology, which can reduce water damage claims by up to 96%, is a strong selling point. This technology not only benefits consumers by preventing costly water damage but also aligns with insurance providers' interests in minimizing claims. The ability for customers to get quick assistance via video chat or in-person service through Frontdoor’s network further enhances the value proposition. The success of this partnership will depend on the seamless integration of this technology into Frontdoor’s ecosystem and the effective marketing of its benefits to homeowners. Ensuring customer satisfaction through reliable service will be important for maintaining the partnership's momentum.
MEMPHIS, Tenn.--(BUSINESS WIRE)--
Frontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home warranties, today announced it has signed an exclusive agreement with Moen to install its Flo Smart Water Monitor and Shutoff, a water shut-off valve, for customers in California who purchase Flo as part of certain marketing programs with home insurance providers. Shut-off valves are now required by selected insurance providers in California and around the United States.
“Moen is a top name in the industry and we are super excited to work with such a great brand,” said Frontdoor, Inc. Chief Revenue Officer Kathy Collins. “With our extensive network of independent plumbing contractors in California, this agreement gives Frontdoor a new channel of distribution with significant revenue opportunities in the most populous state. We look forward to exploring additional opportunities with Moen in other states.”
“This program is designed to help reduce the number of insurance claims customers file related to catastrophic water damage because of residential leaks. Flo Smart Water Monitor and Shutoff devices offer a digitally driven and proactive approach to leak detection, with the ability to help reduce water damage claim frequency events by as much as 96%,” said Jeff Barnes, vice president of business development for Moen Smart Water.
The agreement became effective June 7. Once scheduling is fully underway, Collins anticipates Frontdoor will be performing thousands of installations per month.
Additionally, Moen Flo customers will receive a Frontdoor Unlimited membership free for a full year. Frontdoor is an app for all things home repair and maintenance. The Unlimited offering gives users unlimited video chats with Experts from a variety of specialties, access to local, vetted Pros, exclusive pricing on new name brand HVAC systems, and other benefits.
“If the Flo Shutoff detects a leak, customers can quickly get help during normal business hours by video chatting with a Frontdoor plumbing Expert, or if in-person help is needed, they can schedule service through Frontdoor’s extensive network of independent plumbing contractors in California,” Collins said.
For more information on Moen’s Flo Shutoff, go to Moen.com/Flo. For information on partnering with Moen, email Partnerships@moen.com
About Frontdoor, Inc.
Frontdoor is reimagining how homeowners maintain and repair their most valuable asset – their home. As the parent company of two leading brands, we bring over 50 years of experience in providing our members with comprehensive options to protect their homes from costly and unexpected breakdowns through our extensive network of pre-qualified professional contractors. American Home Shield, the category leader in home service plans with approximately two million members, gives homeowners budget protection and convenience, covering up to 23 essential home systems and appliances. Frontdoor is a cutting edge, one-stop-app for home repair and maintenance. Enabled by our Streem technology, the app empowers homeowners by connecting them in real time through video chat with pre-qualified experts to diagnose and solve their problems. The Frontdoor app also offers homeowners a range of other benefits including DIY tips, discounts and more. For more information about American Home Shield and Frontdoor, please visit www.frontdoorhome.com.
About Moen
Moen is the #1 consumer faucet brand in North America, offering a vast array of stylish and innovative kitchen and bath faucets, showerheads, accessories, bath safety products, kitchen sinks, garbage disposals, leak detection products and connected home offerings for residential applications that give consumers more power than ever before to understand and control the water that flows through their homes. These thoughtful designs deliver an exceptional user experience and elevate how people interact with water daily. In addition, Moen® Commercial offers superior-performing products that can deliver lower lifetime costs for today’s facilities. Moen is part of Fortune Brands Innovations, Inc. (NYSE: FBIN), a brand, innovation and channel leader focused on exciting, supercharged categories in the home products, security and commercial building markets. Moen anchors Water Innovations (WINN), which also includes several brands under the House of Rohl® including Perrin & Rowe®, ROHL®, Riobel®, Shaws® and Victoria + Albert®. Fortune Brands’ other brands include Fiberon® composite decking and railing products; Master Lock®, Yale® residential, August® and Sentry® Safe security products; LARSON® storm doors and Therma-Tru® entry door systems. For more information, please visit www.FBIN.com.
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).
What is the significance of Frontdoor's agreement with Moen for FTDR?
The agreement expands Frontdoor's market reach in California by installing Moen's Flo Smart Water Monitor and Shutoff, potentially increasing revenue opportunities.
How will the agreement between Frontdoor and Moen impact FTDR stock?
The exclusive agreement could boost Frontdoor's revenue and market presence, potentially favorably impacting FTDR stock.
When did Frontdoor and Moen's agreement become effective?
The agreement became effective on June 7.
What benefits do Flo Smart Water Monitor and Shutoff devices offer FTDR customers?
Flo devices help reduce catastrophic water damage claims by up to 96%, offering proactive leak detection to Frontdoor customers.
How many installations are expected per month under the Frontdoor and Moen agreement?
Frontdoor anticipates performing thousands of installations per month in California.
What additional benefits do Flo customers get from this agreement?
Flo customers receive a free year of Frontdoor Unlimited membership, which includes unlimited video chats with experts and access to local pros.
