Bulk Data Licensing, Property Data, and Risk Assessments in Home Insurance: An Underwriter’s Guide

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As a home insurance underwriter, there are several key parameters you likely take into account when assessing for risk and calculating insurance premiums. Ensuring you have access to the breath of data required to feed into a mortgage insurance system is key to correctly analyzing risk factors that may result in large pay-outs for an insurer. In this post, we explore how ATTOM’s bulk data licensing packages can be used to ensure you have all the bulk property data you need to undertake a thorough risk analysis for home insurance policyholders.

Streamline Your Home Insurance Underwriting and Risk Assessment Procedures

Underwriters who assess risk for home insurance companies can streamline and enhance the underwriting process by accessing the most comprehensive property data in the industry. Several of our bulk property data products can be used to efficiently assess risk for home insurance policy holders, including our property characteristics data, recorder data, assessor data, and neighborhood data.

Our extensive multi-sourced, nationwide data sets allow home insurance underwriters to undertake thorough, reliable risk assessments – reducing demands on insurers and their customers assesses. For example, previously limited data sets would require insurers to undertake lengthy investigations into potential risks posed by prospective customers.

Designed to replace the drawn-out processes required to dig up information for detailed risk assessment processes, our Bulk Data Delivery solution has been specially developed to power the analytics platforms used for risk assessment in the industry. Our extensive property data warehouse contains data on over 155 million U.S. properties, offers more than 29.6 billion rows of transactional-level data, and more than 7,200 discrete attributes.

The extensive data captured within our data warehouse ensures that you have access to all the data you need as an underwriter. As such, this allows for a streamlined underwriting process that is less time consuming and invasive for an insurer’s customers.

Our exhaustive real estate data can be used to quickly and accurately assess risk without the need for additional input from prospective policyholders. As an underwriter, this makes you an attractive option for insurance companies, as you both reduce their workload and indirectly improve customer retention and engagement. In addition, having a wealth of data on potential policy holders also reduces the time spent chasing up insurers and their customers for the information you need to calculate risk.

Filling in the Gaps with ATTOM’s Far-Reaching Property Data and Bulk Data Licensing Solution

In addition, ATTOM’s data products can also be used to fill in the gaps in policy holder’s knowledge. In order to sufficiently asses risk, home insurance policy holders need to provide accurate answers to key questions regarding their property.

For example, people applying for home insurance are typically asked questions they may not know the answer to, such as on their home’s electrical systems or the fire resistance capabilities. These questions are often challenging to answer and lead to policy holders providing incorrect information that adversely effects risk assessments.

Our property characteristics data includes detailed information for more than 155 million properties nationwide, including data on: electrical and heating systems, fire resistance, building materials, and other features. This data can be relied upon to provide verified information that policy holders may not be aware of.

Choosing the Right Data Source for Your Mortgage Insurance Risk Assessment

As an underwriter for the home insurance industry, the quality of your data is everything. Having access to the most comprehensive database on U.S. property data can transform the efficiency of risk assessment and additional insurance analytics processes: saving you time and improving your relationships with insurers.

Curious to find out more about our leading our Bulk Data Delivery solution or big data in the insurance industry? Contact us here to learn more.

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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