PropertyProfile

PropertyProfile™ is a service that helps insurers determine which properties in a portfolio are at risk for inaccurate rating and underwriting information.

The risk profile of a property can change over time. Replacement cost estimates may change because of property renovations and additions. Fluctuations in costs to repair or rebuild homes add another layer of uncertainty. Also, liability risk can change with the addition of an aggressive dog, new pool, or play structure.

Reliable underwriting information is essential to ensure property owners have appropriate coverage and premiums reflect the insurer’s risk.

PropertyProfile uses 360Value^® and the services of ISO’s sister company Quality Planning (QPC) for customer contact and additional analysis. PropertyProfile captures the property-specific data necessary to update replacement cost estimates. It also identifies additional information insurers can use to ensure liability coverage on the property is appropriate. PropertyProfile helps companies better understand the makeup of a book of business and more effectively align premiums with the actual exposure to loss.

By identifying underinsured properties and unknown liability risks, PropertyProfile can pay for itself with the additional premium dollars realized.

PropertyProfile comprises four steps to provide better underwriting and pricing information:

• Detect — The first step uses sophisticated analytics, data matching, and predictive modeling to determine which properties need attention. That includes an initial insurance-to-value (ITV) assessment for individual properties and data comparisons with public, private, and proprietary databases.
• Confirm — Policies deemed at risk for unreliable property information, inadequate ITV, or dated liability coverage are candidates for the PropertyProfile data-confirmation process. ISO contacts policyholders by mail, e-mail, or phone to validate findings that could affect property ITV and liability risks.
• Revalue — Using the property data gathered during the confirmation process, replacement cost estimates are recalculated for each property using 360Value.
• Correct — PropertyProfile returns updated replacement cost estimates and all property data collected, including liability risks. Underwriters can then apply designated business rules to ensure the premium collected is appropriate for the risk.

ISO keeps clients informed at all stages of the program, and provides access to all policyholder letters, web responses, and recorded policyholder conversations.