(View toward downtown during the Gasparilla Pirate Fest in Tampa, Fla., home of Prepared Insurance. Photo credit: Christopher Hollis.)
Prepared Insurance, a Tampa, Fla.-based underwriter of homeowners policies, has expanded its relationship with Verisk (Jersey City, N.J.) by integrating the vendor’s underwriting analytics into its policy administration system to support expansion into new states.
Prepared Insurance has integrations with several Verisk underwriting and risk analytics for replacement cost estimates (360Value), loss history reports (A-PLUS Property), and property-specific risk analytics (LOCATION), a vendor statement relates. The integrations allow Prepared to use Verisk’s analytics to help streamline underwriting decision making while retaining underwriting integrity, according to the vendor.
“As we expand from our home in Florida to other high-risk states, it’s important for us to maintain the underwriting integrity of our portfolio,” comments Stephanie Lee, president and COO of Prepared Insurance Company. “The underwriting analytics provided by Verisk are a strategic component of our underwriting profitability.”
(Related: Verisk Insurance Solutions Adds Commercial Auto Prefill to Streamline Underwriting Process)
To help effectively manage risk and adequately price policies in coastal regions, Prepared uses several LOCATION catastrophe risk management analytics from Verisk, including the Building Code Effectiveness Grading Schedule (BCEGS). While building codes provide a good indication of the ability of a structure to withstand hurricane-force winds, they are not uniformly enforced, the Verisk statement notes. BCEGS assesses the effectiveness and enforcement of building codes in a particular community. Prepared Insurance can use this information to help streamline its underwriting decisions by adding more underwriting rigor to properties located in communities with known challenges regarding building codes, the vendor says.
In addition to BCEGS, Prepared uses the LOCATION Distance to Coast and Windpool Eligibility services to help support its catastrophe risk assessment during the underwriting process.