(Image source: Verisk website.)
Data analytics provider Verisk (Jersey City) has launched of SmartSource, which the vendor characterizes as the next generation of property characteristics prefill. Designed to answer current customer expectations for speed and data reliability, SmartSource prefill delivers property characteristics directly into 360Value, Verisk’s replacement cost calculator, with the goal of enhancing the underwriting process.
“Consumer expectations are rapidly changing, and insurers are constantly being challenged to improve their customer experience,” comments Trish Hopkinson, product director, 360Value. “But making quick underwriting decisions without reliable property data can often result in inaccurate rates, pre-bind defection, and abandoned quotes. SmartSource provides a leap forward by offering insurance-ready, property-specific information that insurers can use to streamline the new business process and help reduce changes from quote to bind.”
Self-Learning Algorithms for Continual Improvement
Verisk explains that SmartSource incorporates data from multiple proprietary and public sources and uses self-learning algorithms to continually improve the quality of its data. The application currently features up to 68 property-specific characteristics for more than 104 million U.S. residential properties. The vendor says it expects those numbers to grow as new data sources become available and are added to the application.