Improving Underwriting with Natural Hazard Data

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How ATTOM’s Natural Hazard Data is Improving Underwriting for a Leading Home Insurance Providers

As a home insurance company with several years in the industry, one of the many parameters used in our risk insurance analysis is dependent on reliable environmental hazard data to help assess risk, adjust premium rates in order to match a policyholder’s level of risk, and pay claims. We use ATTOM to assess natural hazard risks in our underwriting procedures to help us achieve this. Read more about how ATTOM has served us below.

Why ATTOM’s Accurate Hazard Data is More Important than Ever in this Professional and Environmental Climate

Typically a precarious and changeable risk, our team depends on accurate and real-time data on a range of environmental hazards to accurately assess risk for our policyholders. As such, the dependability and timeliness of hazard data is key.

In addition, due to the rise of natural disasters over the last several years – thanks to the changing climate, we require a more in-depth and focused look at potential natural hazard-related property risks. Inaccurate data is a considerable risk within the insurance industry, and out of several data service providers, we chose ATTOM for their reputation as a leading service provider of high-quality insurance data.

How ATTOM’s Hazard Data Has Helped Us Improve Our Underwriting Accuracy and Profitability

We seek to assess the relative risk for each property within our portfolio related to several of these key environmental hazards with ATTOM: tornados, wildfires, foods, man-made hazard risks (including superfunds and meth labs), and more. This data has helped us arrive at a highly-accurate, point-based risk score for each property. Using this data, we’ve been able to accurately compare different insurance risk factors for each property we insure.

Underwriting risk in insurance can be continually enhanced through the use of comprehensive risk hazard and property data. ATTOM’s data has helped improve our valuations and streamline our underwriting procedures. Through the use of advanced analytics using ATTOM’s natural hazard data, we’ve been able to substantially reduce claims costs and increase our profitability.

In addition, we were looking for a data provider who could provide us with a cost-effective service, one requiring little man-power and a quick upload of data. ATTOM’s API has been the perfect solution for our needs – providing us with clean, up-to-date data quickly. Moreover, we have also received excellent support from a member of ATTOM’s technical support team – who have provided us with great guidance and are always on call to answer any questions we have.

The Benefits of ATTOM For Home Insurers

In an increasingly competitive market, one in which our competitors are continually enhancing their business with the latest technological advances thanks to the growth of the insurtech field, we are always looking out for the best in software, data providers, and services to help enhance our customer satisfaction rates and improve our profitability. ATTOM has helped us achieve these aims.

From streamlined processes to a more granular and accurate picture of insurance risk, we continue to reap the benefits of choosing ATTOM as our data insurance provider. We’re continually impressed by the comprehensiveness of the data they provide, their client support, and the reliability of their services.

Interested in finding out more about how ATTOM’s hazard and risk data can benefit you – inside or outside the insurance sector? Contact one of ATTOM’s data experts 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.

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