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Sunlight Solutions (Minneapolis), a cloud-native provider of core administration technology and InsurTech services, has partnered with HazardHub (San Diego), a provider of geospatial property risk data in the U.S., which will make HazardHub’s proprietary datasets, risk scores, and catastrophe models immediately available to Sunlight customers.
Sunlight’s flagship offering Sunlight Enterprise allows the easy automation of daily insurance operations, with the ability to further enhance policyholder experience through fully-integrated producer/customer portals, connected objects, and parametric support services, according to the vendor. The core system suite comes with a robust library of open APIs that enable ease of integration with third-party data providers for more accurate underwriting and increased straight-through processing (STP), a Sunlight statement says.
“Our existing and potential customers are looking for predictive insights into emerging risks among the five major hazard categories—earth, wind, fire, water, and manmade—which HazardHub basically owns,” says David McFarlin, director of business development, Sunlight. “Backed by Sunlight’s rating and rules engine, we provide business users the ability to configure advanced underwriting rules and create streamlined workflows. HazardHub compliments Sunlight’s already powerful underwriting workbench with access to greater intelligence for risk analysis and the optimization of premium calculations.”
“For decades, point-in-time property risk information has been ransomed to insurance organizations in formats which made it difficult to consume and actually utilize,” comments Bob Frady, founder and CEO, HazardHub. “When combined with our unique risk scores and lightning-fast access, Sunlight P&C insurance customers will have the best lens possible for getting a comprehensive picture of any property risk in the U.S. and for ultimately making more accurate underwriting decisions. Integrating HazardHub data into Sunlight Enterprise will enable Sunlight’s insurer customers to instantly be more competitive.”
Better Identify Risks and Speed Data Acquisition
HazardHub translates huge amounts of geospatial data into easy-to-understand, digital insights. The combination of HazardHub and Sunlight will help Sunlight’s property/casualty insurer customers to not only more accurately assess risks but keep up with rapidly changing risk or hazard information which could directly impact a premium or a claim, the Sunlight statement says. By embedding HazardHub’s data into Sunlight Enterprise, insurers can better identify the best risks, and reduce the time and costs involved in acquiring the data needed for critical rating and underwriting decisions, according to the statement.