Integrated property risk data for more accurate premium calculations

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4 min read
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July 7, 2021

Peter Orban

Heightened by recent global uncertainties and climate disturbances, data, especially data about climate and property level hazards is amongst the most valuable assets in the world. However, this coveted data is often found in different database silos, which is expensive to obtain and difficult to interpret. Therefore, a comprehensive look at perils that can impact a property is invaluable.

 

HazardHub’s first integration with Innoveo Skye®

 

HazardHub is at the forefront of providing property risk data and aggregates property-level data and layers them with scorecards regarding natural and man-made risks in the U.S. This gives insurers a comprehensive, property-level overview of the potential hazards, in a ready-to-use format for risk pricing.

This powerful data can play pivotal roles in end-to-end policy journeys, such as determining more accurate insurance premiums, predicting the occurrence of claim events, and faster claim processes. Therefore, we are happy to announce HazardHub’s first integration with Innoveo Skye® in a customer application, where our client uses HazardHub for the warehouse and inventory add-ons of their offering.

 

Integrated property risk data for more accurate premium calculations

Integrated property risk data for more accurate premium calculations

 

Fully automated cargo insurance purchases and claims

 

Our client is a tier-1 cargo freight forwarder company that recently fully automated their cargo insurance offering from quote & bind with payment and claims that includes a carbon offset calculator. Now cargo clients and non-cargo clients can make fully automated cargo insurance purchases and claims globally across land, sea, and sky.

With the integration between HazardHub and Innoveo Skye®, the company can offer comprehensive quotes on their insurance products by considering important risk factors for warehouses and inventory, such as how far the nearest fire hydrant or fire station are located, distance to the nearest coast, probability of wildfires, earthquake or tornado-prone regions and high crime areas.

 

Automatically identify potential hazards via API

 

Thanks to this integration the company’s Innoveo-powered client journeys do not require inputs from overwhelming and complex property reports from multiple databases. With merely one API call, the Innoveo Skye® platform could receive over 1000 data elements and automatically identify potential water, air, earth, and fire hazards for any property in the United States, via HazardHub. In this use case, the application only requests for the specific data inputs which are fully configurable within the Innoveo Skye® platform, and relevant to our client.

 

Integrated property risk capabilities

 

It is important to note that these data elements do not only take weather-related threats into account, but they also consider property characteristics, such as the age of the building or the condition of the roof evaluated via aerial imagery contained within the solution.

With the help of this key integration, Innoveo Skye®-based applications are empowered to:

  • Directly access to more than 1000 data fields ranging from air, earth, fire, and water.
  • Provide more comprehensive risk scoring of properties for customers and underwriters.
  • Use predictive analysis to foresee the occurrence of claim events.
  • Improve customer engagement by proactively highlighting potential risks.

We are super excited about integrating HazardHub’s powerful property risk capabilities into our client projects to enable our clients to offer state-of-the-art solutions with more accurate premium calculations for their customers, ultimately generating client loyalty and retention with much greater insight into overall property risks.

Péter Orbán, Product Marketing Manager at Innoveo.

 

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