Faster property insurance quoting driven by dataBy Trish Hopkinson | March 23, 2018
Consumer expectations are rapidly changing, and insurers are constantly being challenged to improve their customer experience. But making quick underwriting decisions without reliable property data can often result in inaccurate rates, pre-bind defection, and abandoned quotes.
Introducing SmartSource® in 360Value®
To address these challenges, Verisk has launched SmartSource in 360Value, the next generation of property characteristics prefill. Designed to answer today’s customer expectations for speed and data reliability, SmartSource prefill delivers property characteristics directly into 360Value, the Verisk replacement cost calculator, to enhance the underwriting process.
With SmartSource, insurers are offered insurance-ready, property-specific information that they can use to streamline the new business process and help reduce changes from quote to bind.
SmartSource incorporates data from multiple proprietary and public sources and uses self-learning algorithms to continually improve the quality of its data. The application currently features up to 68 property-specific characteristics for more than 104 million U.S. residential properties. Those numbers are expected to grow as new data sources become available and are added to the application.
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