Frontdoor Streem Technology Reimagines the Future of Home Services While Helping the Environment

Rhea-AI Summary

Frontdoor, Inc. (NASDAQ: FTDR) announced significant advancements in customer service through its Streem® technology, which has led to a 70% reduction in truck rolls reported by contractors. This innovative technology enables remote service calls using augmented reality and video collaboration, improving diagnosis speed and accuracy while minimizing environmental impact. CEO Bill Cobb emphasized that Streem will play a crucial role in their upcoming service offerings. Frontdoor, serving 2.2 million customers via 17,000 contractors, plans to present further integrations of Streem technology on Investor Day, March 2, 2023.

Positive

• 70% reduction in truck rolls reported by contractors using Streem technology.
• Streem technology enhances customer service and operational efficiency.
• Introduction of innovative service offerings planned for spring 2023.

Negative

• None.

MEMPHIS, Tenn.--(BUSINESS WIRE)-- Frontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home service plans, today announced that through a strong adoption of its Streem® technology within the company’s extensive contractor network, it is improving customer service while at the same time reducing the number of truck rolls.

“Over the last roughly two years, contractors participating in our surveys have reported reducing a truck roll 70% of the time after a Streem session.” This is an amazing technology, and it’s helping solve homeowner’s problems faster and through a more sustainable approach,” said Frontdoor chairman and CEO Bill Cobb.

“Streem has also helped us reimagine how home service plans can work better to appeal to and serve more consumers. This technology will be a big part of Frontdoor’s new and innovative service offerings that we will be bringing to market this spring and early summer,” Cobb said.

Streem technology leverages augmented reality, video collaboration tools with robust data capture and storage to facilitate remote service calls and reduce the need for in-home visits. Aside from the obvious environmental benefits, remote video support also allows our contractors to see the issue firsthand without relying on the customer's description of the problem. This can lead to a more accurate diagnosis and faster resolution of the issue, which is particularly important for appliances that are key to daily life, such as refrigerators and ovens.

Unlike video conferencing designed for meetings, the Streem platform’s intuitive and simple user experience is built specifically for remote visual assistance in the real world. Streem Founder and CTO, Sean Adkinson explains, “Streem was created to help companies connect with their customers in the moment, where they are, seeing what they see. By giving eyes to remote support, we bring a new level of customer service to the interaction and unparalleled data and insights to the company, who can see how their product or service is performing in the real world.”

Streem uses augmented reality to overlay visual aids on top of a shared view of the customer’s real-world environment. StreemVision® learning algorithms help to build an understanding of the customer's space and extract useful details from StreemShot® photos — helping experts better understand their customers’ needs through data-driven insights. With over two dozen patents approved or pending and more on the way, Streem is a proven technology with wide application.

Frontdoor will discuss how it is further integrating Streem technology into upcoming service launches during its Investor Day on March 2, 2023. To learn more about Streem, please go here, or to learn more about investor day, please visit the investor relations home page.

About Frontdoor

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 ProConnect, an on-demand membership service for home repairs and maintenance, ​​and Streem, a SaaS technology company that creates an interactive, no-download remote video assistance tool to help companies see and solve support needs. Frontdoor serves 2.2 million customers across the U.S. through a network of approximately 17,000 pre-qualified contractor firms that employ an estimated 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 more than 50 years of home services experience, the company responds to over four million service requests annually.

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).

FTDR-Company

View source version on businesswire.com: https://www.businesswire.com/news/home/20230223005444/en/

Investor Relations

Matt Davis

901-701-5199

IR@frontdoorhome.com

Media

Tom Collins

901-701-5198

MediaCenter@frontdoorhome.com

Source: Frontdoor, Inc.

FAQ

What is Frontdoor's (FTDR) recent announcement about its technology?

Frontdoor announced significant improvements in customer service through its Streem® technology, leading to a notable reduction in truck rolls.

How has Streem technology impacted contractor operations for Frontdoor (FTDR)?

Contractors reported a 70% reduction in truck rolls after using Streem technology.

When is Frontdoor's Investor Day to discuss new technologies?

Frontdoor's Investor Day is scheduled for March 2, 2023.

What benefits does Streem technology provide to Frontdoor (FTDR)?

Streem technology improves speed and accuracy of service calls while reducing environmental impact.

How many customers does Frontdoor (FTDR) serve?

Frontdoor serves approximately 2.2 million customers across the U.S.