The Future of Underwriting Automation and
Intelligence is Here
With the UnderwritingCenter™, we’ve taken another giant step towards Making Property As Easy As Auto®. Rich property, eligibility and hazard content now seamlessly integrates with the industry’s leading underwriting workbench to deliver actionable underwriting results and the automated workflow you need to transform, simplify and modernize underwriting across your entire enterprise.
Less Costly Alternatives to Physical Surveys
We’ve shown clients how they can optimize their survey budgets by eliminating 40 percent or more of their physical surveys while still maintaining loss cost avoidance standards.
Our virtual reports capture current, high resolution 3-inch ortho and oblique imagery, Streetview imagery and other proprietary MLS interior and exterior imagery along with occupancy data, property characterizes and natural and man-made hazard data in a single report. A fraction of the cost of physical surveys, they can be ordered manually and delivered in near real-time (+/- 10 minutes).
A DIY survey is conducted by the homeowner using a carrier’s or third-party’s smart phone application which is then integrated within the workflow. This allows homeowners to easily transfer images and information about their home to Underwriting. When all three survey options are integrated with the UnderwritingCenter, rules for which to order can be set to maximize budgets and improve risk selection.
Why Choose CoreLogic?
The UnderwritingCenter is a turn-key platform which allows you to derive value from workflow automation, straight-through processing and consistency in underwriting decisioning without a lengthy implementation process.
Analytics and Reporting
As the industry’s premium automated end-to-end underwriting solution, we deliver actionable insights through robust business intelligence and reporting. To optimize underwriting strategy, the platform leverages analytics and machine learning while in-force monitoring alerts underwriters of any changes to property exposure.
The UnderwritingCenter uses multiple layers of rich property risk content to automate and standardize underwriting rules and survey management. All data is recycled back into decisioning models to enable continuous straight-through results.
Collaboration and Participation
The Underwriting Center allows homeowners and agents to participate and stay connected during the underwriting process. Three portals provide functional access that not only provides a better experience, but eliminates inefficient communication practices as well.
Experience Enterprise Agility
- Market Leading Solution
- SAAS Pace of Innovation
- Advanced Underwriting Selection
- Rich Integrated Content
- Survey Management Module
- Agent and Insured Functional Access
- Advanced Data Warehousing and Reporting
- Definitive ROI with minimal IT resource impact
November 6, 2019
The Risky Business of Roofs in Hail
By: Rose Hancock and Annette Tierney
For homeowners in hail-prone states, hail damage is unavoidable, and almost every property owner will file a hail claim at one time or another. Last year, in the hail-prone states of Colorado, Kansas, Nebraska, Oklahoma and Texas, CoreLogic claims data showed that almost 44 percent of 2018 property claims were hail damage-related and 90 percent of the hail claims included roof covering damage. Of those hail claims with roof damage, 70 percent had a roof age of 12+ years.
Given the same claims data indicates an average of $9,000 price tag to repair or replace hail-damaged roofs, insurers should improve their understanding of a roof’s risk both at underwriting and before renewals by validating the roof’s current condition, age, and hail risk; and to price or decision accordingly.
In the past, validating a roof’s age and possible prior damage has traditionally involved the decision to order a physical inspection which is expensive and more importantly, can disrupt or alienate the policyholder. Relying on homeowner-supplied information isn’t a good option either, since most homeowners can only guess at their roof’s age and furthermore, cannot be expected to climb a ladder and provide images that validate the current condition of their roof.
By adding roof age data, hail forensics and current, high-resolution aerial imagery to new business and renewal workflows, carriers can virtually “see the unknown” without disrupting homeowners with a physical survey. In a recent pre-renewal portfolio analysis, our roof age and hail risk data identified 25 percent of over 77 thousand properties in high hail risk zones had a roof age older than the carrier’s threshold. High resolution aerial imagery further identified 11 percent of properties had tarps, missing shingles, or possible pre-existing roof damage. For carriers hoping to reduce their roof risk while simultaneously managing inspection budgets, adding this kind of high-quality roof risk data to their underwriting and renewal workflows just makes sense.
© 2019 CoreLogic, Inc. All rights reserved.