When it comes to assessing the risk profile of properties for insurance purposes, having access to reliable, up-to-date parcel boundary data can help support underwriting and lead to more accurate decisions when it comes to pricing. Parcel boundary data can help you get more accurate insights into properties that are in high-risk areas like flood zones that will impact home insurance premiums.
Let’s take a look at how parcel boundaries data can provide support in more detail.
What is Parcel Boundary Data?
If you’re new to parcel boundary data — here’s a snapshot: parcel boundaries represent the boundaries of a plot of land or a specific property. With the assistance of the geographical information systems (GIS), countries map boundaries and compiles them into a larger map that shows every property or plot of land in that country.
Buildings and land are in constant flux. For example, boundaries are often split, modified, or merged. As such, this data can highlight any changes to land and properties that you may not be aware of.
The Importance of Parcel Data for Insurers
Insurance companies can use parcel data to help assess catastrophe risk to support underwriting for a host of natural hazards and catastrophes — including flood risk, fire risks, and tornados. For example, you can easily assess flood zone locations for calculating insurance estimates.
Ensuring risk is more accurately analyzed and that lending choices can be backed up by the right data is also key to helping to promote trust in the eyes of customers and the wider public.
Transparency about how and why data is collected and how insurance decisions are made is important for helping to protect your reputation. Having the right data to highlight in discussions with clients is also key for helping them better understand insurance choices.
A look at ATTOM’s parcel boundary data
ATTOM offers exhaustive parcel boundary data for over 155 million properties nationwide. In addition, our parcel boundary files are updated every month to ensure accuracy.
At ATTOM, we offer flexible delivery solutions, including bulk files, match & append, and API. You can easily integrate this data with other map-orientated applications and analytics models — including risk analysis.
Parcel boundary data for insurers
Parcel data for insurers is helpful for assessing property risk with greater accuracy. In addition, parcel boundary data can also be used to help present transparent, data-driven insurance decisions to customers. It’s key to make sure that you go for a provider that regularly updates this data to help ensure its accuracy.
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