Assess Insurance Risk with Property Data

Residential and commercial property insurers often cross reference information provided in insurance applications with information housed in publicly available databases as a means of assessing risk. However, there are two major issues with this process.

Insurer’s Issues

A massive amount of client-declared information is necessary for insurers to accurately assess and manage their risk. Self-reporting such a large amount of information can be very tedious and time consuming, often resulting in applicant drop-offs.

Insurers can acquire public records, such as tax assessor data, to improve their business processes. However, additional work is necessary to verify their accuracy and use them to identify errors, omissions, and other disparities in property insurance applications.

External Data Solutions

External data can solve both of these issues. 

Insurers that leverage external data from trusted sources can acquire most, if not all, of the information they need to pre-fill applications on the front end, reversing the dynamic. Decreasing, and perhaps eliminating, the overall amount of self-declared information will enhance the applicant’s experience, and will likely increase the number of completed applications in the future.

There are multiple data vendors that aggregate tax assessor data — manual acquisition is no longer necessary in today's digitized business environment. Acquiring property data upfront and then having entities confirm its accuracy is a much more streamlined process that decreases an applicant’s barriers to entry as well as an insurer’s liability, risk and cost. 

Demyst Makes it Simple

Demyst has released US Property Risk Prefill, a custom API recipe that pulls pertinent characteristics of commercial and residential properties, such as building size, construction materials, improvements, and hazard risk. It is configured to maximize accuracy and fill rate by pulling data from a combination of sources in Demyst’s ecosystem, which include Attom, Corelogic, Quantarium, and Infutor. 

Users can match properties in their portfolio with data from these providers and select whether they will use a single vendor or multiple sources based on their specific use case — there is a high level of flexibility. 

Questions? Please create a free account and reach out to Demyst’s international 24/7/365 team via the in-platform chat or send an email to support@demystdata.com.