Improving the Underwriting Process with ATTOM’s Building Permit Data
As home insurers, we are always looking for ways to improve the efficiency of our underwriting process. Since partnering with ATTOM this year, we have been able to gain critical insights into the historical and real-time characteristics of our policyholders’ properties. ATTOM’s robust building permit data provides us with the key insights we need in order to accurately assess risk for our underwriting procedures.
Below, we explore in detail exactly how our building permit data provider ATTOM has enabled us to achieve efficiency and accuracy in our risk analysis and helped us improve our service for our policyholders.
An Introduction to ATTOM Data: Why We Chose ATTOM as Our Building Permit Data Provider
Previously, we worked with another building permit data provider but found that their offering didn’t offer us flexibility in terms of cost and breath of coverage. When considering where to find building permits, we wanted a provider who could offer data on the majority of U.S. states with permit classifiers and historical insight. ATTOM checked off all the boxes!
Notably, our team was impressed by the depth of data offered by ATTOM, which integrates, identifies, modifies, and incorporates data on over 200M building permits, 30+ permit classifiers, and covers 94 percent of the nation’s top cities. Moreover, ATTOM’s efficient bulk data delivery provides us with all the data we need at our fingertips, saving us time on research and boosting our overall efficiency when underwriting claims.
In addition, ATTOM offered us some impressive stats highlighting the breath and accuracy of their data. ATTOM sources real-time data from over 2,000 building departments across America and delivers information on over 200M+ building permits. Moreover, ATTOM provides coverage on the top cities in the U.S., ideal for our business that operates in several West Coast states.
How ATTOM’s Building Permit Data Helps Us Assess Risk
ATTOM’S building permit data has provided us with acute insights into property risk. This data has enabled us to assess and analyze risk, providing us with a look at key risk factors – such as when a home was last remodelled, the composition of a construction, and key property characteristics – such as the addition of a porch or balcony.
Before partnering with ATTOM, as a large insurance company it was often difficult to keep track of changes made to our policyholders’ properties – impacting the accuracy of our risk analysis. For example, previously, policy holders would often fail to inform us of any upgrades made to their property – such as renovations or upgrades to electrical and other systems. Not having this information often meant that our policy holders were underinsured.
Since partnering with ATTOM, we have been able to rectify this issue. With access to over 200 million building permits, covering 94% of cities across the U.S, we have been able to quickly uncover any issues with our policyholders’ coverage and to proactively reach out to them in order to update their premiums. Our policyholders have been impressed by our proactive approach to ensuring they have the right coverage for as long as they are covered by us, improving their feeling of security and their trust in our team.
Improving Our Service for Policyholders
ATTOM is now our go-to-choice as a building permit data provider – thanks to their attractive fee-structure, the comprehensiveness of their data, and their excellent customer support.
ATTOM has enabled us to gain a detailed picture of our policyholder’s properties so that we can ensure they have the correct coverage. The detailed insights provided through ATTOM have ensured us that we have been able to undertake a far more thorough risk analysis, save time on sourcing data and researching properties, and improve our customer satisfaction levels.
To find out more about how ATTOM can do the same for your insurance company, contact a member of the team here.
The above article is a theoretical use case
Please contact us if you have questions about the underlying data referenced in this article, or would like to have access to that data in the form of custom reports, API, Bulk File or DaaS.