An underserved market
BuildFax property data has been utilized by the largest insurance carriers for years to mitigate risk and drive underwriting decisions. Many smaller carriers have expressed interest in this type of data but often worry about costs and implementation time.
BuildFax is proud to offer a new solution that removes those common barriers so that any sized carrier can now access the same type of data for their strategic business decisions.
“One of our values here at BuildFax is that we believe this type of powerful data should be available to everyone,” said Holly Tachovsky, CEO at BuildFax. “From first-time home buyers to real estate investors to the top insurance companies in the country.”
A groundbreaking new approach
This new turnkey solution is a great fit for smaller carriers. It puts property history data and analytics into a streamlined format that’s easy to use in various key business locations within the organization.
“What I love about this solution is that big data is no longer limited to big business,” said Sefton Patton, VP of Product. “It removes the guesswork by providing simple answers to big questions that carriers have about how a property’s history affects its risk profile. And what we hear in the early stages of this new solution is that they’re already seeing an ROI that’s impactful to their bottom line.”
The package includes the types of data that are critical to better understand the risk across your book of business and predict loss. You’ll get all the intelligence you need to accurately assess properties using data points related to roof, condition, maintenance, and improvements. This includes additions, alterations, and remodels as well as details on major systems like roof, HVAC, electrical, plumbing, and more.
Carriers who employ this type of data use it for condition verification, renewal underwriting, inspection optimization, and claims adjustments. They’ll see dramatic results as they reduce risk, lower loss ratios, increase profitability, and cut operating expenses.
Making the data work for you
The insights from BuildFax’s property data help carriers in all areas of business including underwriting, claims, marketing, and product development. And getting set up is remarkably fast and easy. Carriers have 24/7 access to the data from our online portal, and expert support is available for any questions that may arise.
“At the end of the day, all carriers are underwriting the same types of risk on the same types of properties and experience similar pain points,” said Bryan Byrd, Insurance Engagement Manager. “But in some ways, these smaller carriers have an advantage because they’re able to employ these types of tools faster than their larger counterparts and can see immediate benefits and short term ROI. It’s an exciting time to have access to this cutting-edge technology.”
For more information on BuildFax property history and condition insights, contact us today.