Underwriting and Rating

Change Detection

Changes in ownership and maintenance or property alterations may reflect owners’ shifting circumstances and risk profiles. And fluctuating labor and materials costs can affect insurance to value.

Can your data keep up at renewal?

Did you know 14% of insured properties have experienced coverage-impacting events since policy inception? From a new pool to a new vacancy, risk constantly evolves for the homes you insure and their owners. And yet, 63% of vacant properties are written on traditional homeowners forms. Property change detection at renewal demands constant awareness.

Renewals are opportunities

Tap the profit potential in renewals with timely data that overlays property and homeowner change events and helps provide a clear view of your book.

Spot premium leakage

Monitor property changes at renewal that may require an adjustment in premium.

Detect increased underwriting risk

Flag higher-risk policies that call for a review or property inspection before renewal.

Benchmark at the segment level

Measure changes to property risk profile in your renewal book against surrounding housing stock.

Maintain insurance to value

Keep up with essential data on property improvements and material and labor prices.

Optimize the inspection process

Identify higher-risk properties that may need an on-site visit—and know when you can skip the in-person inspection.

Indicators of what may be new

The multiple ways property risk can change call for a holistic view built on a diverse ecosystem of data and analytics. Change Detection looks at the risk from multiple angles to give you a more complete perspective on upcoming renewals.

Indicators of what may be new

The Life Cycle of a Property

Discovering property change events helps insurers obtain a clearer view of their portfolio to help focus on profitability, maintain underwriting standards, pursue new business growth, and help homeowners protect their investments with appropriate coverage.

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The Life Cycle of a Property

Uncover risk changes affecting the property or the homeowner at renewal to keep your book clean

Property changes

Track permits and premium-impacting events. See how maintenance or modifications can mitigate risk or change the insurance-to-value equation.

Ownership changes

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.

Related resources

Stay in the know about important industry trends and innovative solutions.

Infographic

Monitor changes at renewal

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.

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