Calculations and estimates for contents sum insured are often too simplistic and can result in cover that falls short or is in excess of customer requirements. What if you could get more clarity on the true contents value of a property?
Contents Insight is a highly granular address-level model for calculating contents sum insured estimates. Built using state-of-the-art machine learning algorithms, the model calculates estimates based on factors such as the size of a property, type of dwelling, number of rooms, and demographic characteristics, and is validated by claims data.
Many contents sum insured estimates in the market are too simplistic and can result in policies with limits that are too high or too low for the customer. A three-bed home in an affluent part of London is likely to have different requirements than a comparable property in a village in the North of England, for example.
Contents Insight provides full UK coverage for residential properties and can help bring more sophistication to how contents cover is calculated for UK home insurers, brokers, aggregator websites, start-ups, and other contents insurance specialists.
By simply entering an address, Contents Insight will provide you with a reasonable range of upper and lower levels of cover estimates to insure the contents of that property. Where there is a lack of data for a particular address, the tool makes assumptions based on similar properties and characteristics.
Customers often find it difficult to estimate the value of their belongings or may not necessarily know what limits are reasonable. Contents Insight helps customers select the appropriate level of cover while helping insurers identify potential over or under insurance.