In the words of British mathematician Clive Humby, “data is the new oil.” And, although Humby famously said these words in 2006, it is a quote that has aged well – especially as data has continued to evolve, and the level of data that people across all industries are able to extrapolate now through technology has become so deep and multi-dimensional.
This is no exception for the property insurance and restoration industries.
The more data we can glean – and the more kinds of data we can work with – the better we can operate and the more people we can serve.
This blog post is part of an ongoing series about the lessons we came away with at INTRCONNECT™ 2023 – the industry conference held by CoreLogic® in January 2023. Although a couple months have passed, we are still sharing the timeless concepts introduced at INTRCONNECT that will help future-proof insurance and restoration companies.
One of the concepts we will delve into throughout this blog is data – specifically, why every stakeholder in the insurance life cycle must leverage a full spectrum of property data to drive decision-making.
Leverage Data from the Very Beginning of the Property Insurance Process
We’ve already discussed how the carrier-contractor ecosystem should be connected – how their workflows and technologies should integrate so that all stakeholders in the policy lifecycle can constantly collaborate and share up-to-date claims and project data.
Every contributor to the insurance lifecycle – from underwriters to restoration contractors – need as much data as possible to optimize policies and the claims processes that policyholders initiate when they suffer property damage.
Gathering detailed property data at every step of the insurance process – from issuing a policy for a property to executing restoration projects on a property – is the only way for the entire property and casualty insurance ecosystem to collectively make the best decisions possible.
It is a holistic set of accurate data that drives decision-making and results in the greatest business value. This involves looking at past weather data, climate risk models, and a holistic set of property data. In this blog, we discuss the need for all parties in the insurance-restoration lifecycle to leverage all types of property data.
With an integrated ecosystem established between all stakeholders in the insurance ecosphere, the data that underwriters gather and store in their platforms will be valuable for the entire supply chain, including restoration contractors.
Having the most comprehensive set of data at every stage of the entire insurance lifecycle – starting with underwriting – establishes the foundation for smooth workflows that benefit service providers and deliver policyholders with the best possible experiences. Being able to leverage all forms of property data at every stage allows stakeholders to make the best, most informed decisions about everything – policy pricing, assigning the right resources and contractors to the right claims projects, and planning for and executing restoration projects.
For example, when property damage occurs, data that was crucial to underwriters is used by estimators, and then reviewers rely on estimates in order to conduct audits – to assess damage and calculate what will be required for recovery. This data allows contractors and technicians to optimally prepare for project execution so that they stay within budget – and develop and continue trusted partnerships with insurance carriers.
There is no such thing as too much property data at any step of the process. What an underwriter, estimator, or reviewer might uncover during their processes can have enormous impacts on how a restoration contractor will approach their part of the claim lifecycle.
Leveraging a full spectrum of property data is advantageous for every player in the insurance policy lifecycle. The more well-rounded the set of data a restoration contractor has, for example, the shorter the project lifecycle becomes and the higher quality of work they can produce. In turn, customers are satisfied and trust is built with their insurance carriers.
Leveraging Artificial Intelligence to Produce Better Data for Insurers and Restoration Contractors
At CoreLogic, we are constantly enhancing our technology so that insurers and restoration contractors can both get the most data – and make the most out of this data.
We’ve recently embedded two new AI-driven enhancements into our restoration job management software that will enable contractors and technicians to better prepare for and thus perform their jobs.
CoreLogic Image Analytics
First, we introduce our image analytics function, which is integrated in both CoreLogic’s job management and review solutions. Now, when a contractor uploads property images into their job management platform, the image analytics element automatically scans the photographs and instantly produces a full set of property data for every structure in each picture.
These descriptions come in the form of photo tags, including property condition, building grade, home features, kitchen quality grade, the presence and type of damage, and more. These instantly auto-populated descriptors for each photo paints a full picture of an upcoming project for technicians, giving them insights for planning and resourcing.
It also removes the need for individuals to review each photo themselves and rely on their own human eye to catch every potential hazard or condition. Simultaneously, it eliminates the need for contractors to manually enter property features into the job management platform for technicians to reference before going onsite.
On the insurance side, reviewers will also benefit from CoreLogic Image Analytics. With a full set of AI-produced data, they have a holistic set of information and context to drive new rules for audits and to create more comprehensive, accurate reports for financial planning and budgeting.
Everyone on both the insurance and restoration sides rely on photographs to execute their duties and responsibilities. This new AI-driven image analytics feature takes the power of these images to the next level to optimize workflows both for contractors, insurers, and for the collective workflow that exists throughout the entire claim lifecycle.
CoreLogic Property Data
In addition to CoreLogic Image Analytics, CoreLogic has also integrated Corelogic Property Data into its restoration job management platform. Now, when contractors save an address of a future job, a full set of property data becomes available.
This new embedded feature provides our gold-standard property intelligence sourced from CoreLogic’s database-the largest database in the industry which coves 99 percent of US properties.
With one click of a button, users get critical property data for upcoming restoration jobs, including: home size, lot size, property type, cooling system type, the number of bedrooms and bathrooms, zoning information, and more. CoreLogic property photos are also available alongside this information so that technicians can prepare for challenging room configurations or other interior elements that may impact the way they approach a project.
With this information instantly available, contractors can drive technicians to the right tasks faster, and prepare them with the right strategies and resources from the get-go. For example, just knowing the age of a home will inform a technician regarding the need for certain hazard testing.
Also, access to this information is unlimited, as CoreLogic Property Data is accessible both on the desktop and mobile applications. As a result, contractors and technicians can access these insights from anywhere, at any time for real-time planning or to make real-time adjustments to previous plans.
Benefits of CoreLogic Image Analytics and Property Data
Both of CoreLogic’s new features will save time and reduce human error and oversight when analyzing properties – whether it’s for audits or for the planning of restoration work. Image analytics allows adjusters on the insurance side to write better estimates – and not just rely on the information provided to them by estimators – so that contractors have more realistic budget parameters to work within during every project.
The ability to get property data while onsite through a mobile phone is critical for technicians, who often must be versatile enough to shift gears on onsite d conditions or property attributes aren’t necessarily clear at first sight.
Conclusion: Data Drives Everything… and Everyone
Do not be overwhelmed by the increasing amount, type, and level of data that is becoming available to professionals across the property insurance world. Instead, take it all in and use what is relevant to paint a full picture of a property, a policyholder’s needs following property damage, and also to make decisions about the best course of action to achieve full recovery for customers.
Work with every stakeholder involved in the process to add context to all the data that is available to you through modern, sophisticated technologies like CoreLogic’s underwriting, claims, reviewing, and job management tools.
Data is invaluable, and becomes even more powerful through collaboration to enhance everyone’s understanding of it – and how it applies to their specific part in the property insurance workflow.
Contact us today to learn more about our new AI-driven features integrated within CoreLogic’s job management platform.
©2023 CoreLogic, Inc. The CoreLogic® statements and information in this blog post may not be reproduced or used in any form without express written permission. While all the CoreLogic statements and information are believed to be accurate, CoreLogic makes no representation or warranty as to the completeness or accuracy of the statements and information and assumes no responsibility whatsoever for the information and statements or any reliance thereon.