With accurate data and system checks being imperative for getting ahead in today’s competitive marketplace, we’ve got some great news to share with you regarding our latest enrichment offering.
From this summer, we will be using the latest datasets and models from Verisk’s Data Insight Hub within our IHP Plus and Ratings platforms, to offer your business an enhanced level of underwriting insight/ability when assessing home risks.
Performance, availability, and agility
Verisk’s Data Insight Hub provides an ever-evolving source of insurance datasets and analytics that are accessible at any part of the customer journey, including at point of quote. The Hub can easily procure and incorporate any new, emerging datasets to greatly enhance an underwriter’s capabilities.
Furthermore, by maximising Verisk’s highly granular data models, the Data Insight Hub provides more precise estimates that can predict the relative risks and variation of claims across a range of household categories.
Verisk has designed the Data Insight Hub with performance, availability, and agility in mind. It is quick and easy to add new data sources to the Hub, and clients can host their own data, update it, and search for it in real time.
The Hub features a sophisticated perils category which includes data on flood, freeze, and storm.
The flood model uses data on the built environment and local terrain to accurately assess the risk for river and coastal flooding down to individual property level.
The freeze postcode model combines comprehensive temperature information with detailed environmental data to assess the risk of a burst pipe.
The storm model uses 72 million wind speed recordings to predict the relative risk of windstorm damage.
Verisk’s Data Insight Hub also captures data around escape of water, which is one of the biggest perils for UK homes. The Hub uses 100 million data records across 26 million households to predict the risk of burst pipes and other non-weather related water incidents. It also offers address level modelling for accidental damage and subsidence which combines detailed property information with demographic and environmental factors to assess risk.
Stable, scalable, and reliable
The cloud-based enrichment hub is scalable, stable, and reliable, giving you access to data whenever you need it. It is resident within AWS, in a scalable architecture, and fully load tested to handle over 20 million transactions per day. It is also able to perform multi-entity searches in one call with privacy and GDPR compliance built in.
The Verisk Data Insight Hub is regularly updated with the latest data and changes in risk patterns, providing all your home insurance enrichment needs. Further improvements are also planned with the introduction of motor and commercial data to the hub.