Monitoring changes at renewal
From a new pool to a new vacancy, the homes you insure and the people who own them can present ever-evolving risk profiles. Capturing what’s changed at renewal demands constant awareness.
14% of properties have experienced a coverage-impacting event since policy inception
More than $19.7B in roof claims in 2021
63% of vacant properties are written on traditional homeowners forms
Tap the profit potential in renewals with timely data that overlays property and homeowner changes and helps provide a clear view of your book. Change Detection looks at the risk from multiple angles to give you a more complete perspective on upcoming renewals.
Track permits and premium-impacting events. See how properties are maintained or modified that can mitigate risk or change the insurance-to-value equation.
Use owner information as an indicator for condition issues. Uncover changes in life and financial status that suggest potential for neglected maintenance and deferred repairs.
From renovations to foreclosures and ownership transfers, Change Detection helps uncover events that shift a property’s risk profile to help you capture accurate premium, underwrite to your risk appetite, and protect profitability.
An ecosystem of data, imagery, and powerful analytics can help assess age, condition, and even hidden damage that can affect the roof, major systems, and property features.
Discovering property change events helps insurers obtain a clearer view of their portfolio to help focus on profitability, maintain underwriting standards, focus on new business growth, and help homeowners protect their investments with adequate coverage.
As homeowners complete projects to maintain the structure's integrity and to address changing needs, these renovations can affect coverage levels and potentially lead to underinsurance. Insurers have the opportunity to capture appropriate premiums to support growing risk.
Evaluating property risk is increasingly complex and data-intensive. You can simplify workflows and accelerate underwriting and rating with a consolidated, wide-ranging, and continually updated source.
Knowing when a property has been updated is critical, as these changes can add new liability risks and insurance-to-value considerations.
Discover coverage lapses in a policyholder’s history.
Learn of potential policyholder defections—or cross-selling opportunities.
OneXperience is a self-inspection InsurTech tool offering live-feed video tours, virtual loss control, and customer collaboration.
By uncovering property change events during the policy life cycle, insurers can better understand their book of business.Read the article
Knowing a property's history, including changes in ownership and occupancy, is essential to paint a vivid picture of a property's condition.Read the article
With renovations increasing rapidly, the pressure to monitor property changes has increased to promote premium and ITV alignment.Read the article
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