RiskMeter.com, a provider of real-time natural hazard risk reports, announced it has added a second data source to its Building Characteristic report. This additional source will enable users to improve their underwriting and catastrophe modeling results by appending more building characteristic information to their policies. Pre-filling this information can save agents valuable time, while ensuring that carriers receive accurate policy information.
RiskMeter’s building characteristic report covers the entire U.S., with information collected by individual counties. The information, sourced from county assessors, includes key building characteristic data, such as: year built, number of stories, square footage, roof covering, etc. Both commercial and residential properties are included. This information can be returned by typing in an individual address or by uploading a book of business. Coverage depends on what’s released by each county or town.
The importance of building characteristic information can be felt throughout the insurance industry from reinsurers down to brokers. When building characteristic data isn’t provided, it’s common for year built, number of stories, roof shape, etc., fields to be labeled “unknown” during the modeling process. This missing information leads catastrophe models to assume a worst case scenario.
“In order to maximize catastrophe models’ capabilities, it’s imperative for insurers to append building characteristic information,” explains Daniel Munson, Founder, RiskMeter Online. “By appending building characteristic information before the modeling process, it helps reinsurers gain business by pricing policies more accurately, reduces reinsurance expenses for carriers and allows brokers to negotiate better prices for their customers,” says Munson.
Source: RiskMeter Online
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