For nearly a decade, BuildFax has been the leading source of property history and condition insights for some of the largest insurance companies in the country. Leveraging the nation’s largest database of building permits, construction data, and other publicly sourced information, BuildFax delivers detailed intelligence on roof, condition, maintenance history, and remodeling for more than 90 million commercial and residential properties across the country.
These insights can have a tremendous impact on reducing risk and increasing profitability, especially in terms of improving loss ratios, driving profitable underwriting, and pricing more competitively.
Improve Loss Ratios
Old roofs that have been worn down over many years are more prone to loss when extreme weather hits. BuildFax flags properties with vulnerable roofs so carriers can improve ACV calculations and ensure they’re not paying out too much in claims.
Carriers who integrate BuildFax Roof Insights avoid systematically underestimating and misclassifying roofs. Combined with BuildFax Property Condition Score, carriers are able to mitigate unanticipated losses. If replacing a commercial roof costs on average $40,000, imagine the impact avoiding just three commercial roof claims would have to your business.
Drive Profitable Underwriting
A growing number of carriers are incorporating BuildFax insights into their underwriting practices to verify property characteristics, validate risk, and prioritize inspections. As a result, these carriers are able to keep higher risk properties off their books, retain better business, and ensure a profitable book of business. Furthermore, when carriers capture accurate property insights from BuildFax during underwriting, they can make sure they’re not accepting ineligible risks.
Price More Competitively
With accurate, up-to-date property insights from BuildFax, carriers are able to better price for risk. How? BuildFax property insights are fueled by building permits, which are a powerful source of documented property updates. Permitted work on properties indicate responsible owners, licensed contractors, and inspections on the work performed. BuildFax insights are predictive of loss for this reason, which gives carriers a huge advantage to price more competitively.
For more information on how BuildFax property history and condition insights can make an impact to your bottom line, contact us today.