Use nontraditional data to refine segmentation
Homeowners insurers often rely on a few property features for underwriting. When pursuing new business, a complementary data set can help provide a powerful impact at critical decision points in your workflow.
Properties with an LLC are nearly 3X as likely to exhibit condition issues
1 in every 100 properties on insurers’ books are vacant
Around 22 percent of rental listings are found on homeowners forms
Adverse selection and unrecognized risks can be a constant threat to profitability in property insurers’ portfolios. Insurers can employ homeowner and property condition data to better identify risk and help flag properties with underlying risks or that may require additional inspection.
Improve underwriting, refine segmentation, and better identify properties with underlying risk using complementary homeowner data.
Some owners protect their house through an LLC or a trust. Rental listings and vacancies may indicate increased risk, requiring further investigating.
Length of ownership, number of open mortgages, and foreclosure history often correlate with a homeowner’s ability to maintain the condition of a property.
A comparison of the recent purchase price to its market value could flag homes in disrepair if purchased under market value.
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.
Change Detection reveals events that shift an insured property’s risk profile to help you capture accurate premium, underwrite to your risk appetite, and stay profitable.
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