Todd Rissel spoke with Intelligent Insurer about the changes in the insurance industry over the last 20 years. During the interview for the Re/insurance Lounge, Intelligent Insurer’s online platform, he stated “that while one of the biggest changes over the course of his career has been the demand of underwriters for ever more precise information, the other seismic shift has been that of climate change.”
The need for more data—better data—has been driven in part by climate change and the higher risks associated with more hurricanes, wildfires, tornados and other natural disasters.
While only a small percentage of an insurance book may impact the loss ratio, finding and properly pricing those homes can be challenging. In order to more accurately determine risk, the Structure Insurance Score product was developed. This rates a home and its susceptibility for certain losses.
Pre-fill data also aids carriers by allowing them to enter an address, retrieve the property’s replacement value. New technology allows the underwriter to ask questions about the property via text/email to the caretaker, agent or broker for additional information and pictures. All the data and valuation are merged into one report.
Accurate replacement costs start with understanding data and providing technology to harness that data. Whether you are looking for valuations for high-value homes, Mainstreet® homes, condos, co-ops, commercial properties, manufactured homes, log cabins, or farms and ranches, our patented estimator can quickly calculate the cost of replacing a residential, commercial or farm structure and provide you with a fast, cost-effective and accurate replacement cost valuation. Contact us for more information.