Does your prefill solution leave holes in your underwriting? Are homes or businesses not found, or critical data points left blank in individual applications? If so, you may face barriers to implementing low- or no-touch workflows around insurance-to-value.
Low-touch or no-touch workflows
Prefill should excel at delivering data in two key measures:
- Hit rate, or how often the prefill solution successfully locates a home or business
- Fill rate, or how much of an application can be completed using the prefill data
Current and precisely curated data about a structure’s age, square footage, and use form the backbone of reliable reconstruction cost estimates (RCEs). Without confidence in those key characteristics of a structure, the estimates may be less trustworthy. Sophisticated modeling can help close the confidence gap for addresses where these attributes weren’t previously available.
For commercial buildings, combining the traditional expertise of experienced field-survey professionals with remote and virtual technology and advanced machine-learning models can help provide the detailed, property-specific data underwriters rely on for crucial ITV decisions.
Verisk innovation continues to improve hit rates and fill rates over time with a robust innovation roadmap.