With the launch of Property Profile last week, I wanted to quickly highlight how Property Profile can help your organization throughout the entire insurance lifecycle.
According to conversations we have had with insurers, approximately 30 – 40% of all claims are roof related. Depending on your line of business, these claims can also lead to a myriad of other potential claims issues as Rooney Gleason, President, Argo Insurance – US Grocery & Retail recently noted (full press release):
“Roof failures at a retail location are some of the most expensive we face as an insurer of supermarkets and restaurants. Beyond the obvious property losses, it can lead to food spoilage claims and significant business interruption claims. But what is often not discussed is that failing roofs often lead to costly third-party liability claims when customers have accidents as a result of poor premises maintenance. Betterview’s Property Profile report helped us to uncover significant roof problems at multiple store locations that our customers were not aware of. This allowed them to address these issues with their landlord, or directly if they are the owner of the building, to reduce the likelihood of a roof related property and/or liability claim.” – Rooney Gleason, President, Argo Insurance – US Grocery & Retail
How Property Profile Can Help
Property Profile uses machine learning, proprietary data sets and advanced algorithms to quickly and cost-effectively assess the condition and characteristics of a roof. Property Profile analyzes raw data sources, such as satellite & aerial imagery, then factors in other data attributes (i.e. historical weather, etc.) to determine:
- Roof Condition
- Roof Characteristics
- And Potential Risk for Future Insurance Claims
Property Profile may be accessed via API* or through Betterview’s platform by typing in an address or uploading an Excel spreadsheet to obtain the following information:
- Roof Score
- Roof Shape
- Roof Material
- Roof Damage
- Tree Overhang
*Instant API: Not all data points returned. No Human Review.
Additional data points available through Betterview’s platform include property characteristics, historical weather, natural hazard risk, historical imagery, and more.
How Can Property Profile Be Used?
Insurance companies can use Property Profile throughout the insurance lifecycle, including:
- Underwriting & Loss Control: Quickly screen risk to identify high risk policies.
Claims: Investigate property claims before sending an adjuster onsite by identifying pre-existing damage via Betterview’s multi-source historical image archive.
- Catastrophe Response: Analyze a portfolio post-catastrophe to quickly identify which policies are “full”, “partial”, and “no loss”.
- Catastrophe Modeling: Increase modeling accuracy by factoring in secondary roof characteristics along with assessor’s data.
- Quoting: Speed up and improve the accuracy of policy application data for more accurate quotes that convert at a higher rate.
Proof of Concept Program: Expires Friday, August 17th
For a limited time, Betterview is offering to run 15 complimentary addresses for select insurance providers. To see if your organization qualifies, please email Paul Ptashnick at email@example.com