Comprehensive roof assessment tool for home insurers leverages leading data sources, claims histories and aerial imagery to improve underwriting and profitability
ATLANTA, February 4, 2021 / PRNewswire / – LexisNexis® Risk Solutions, a leader in data, advanced analytics and technology for the insurance industry, today announced the launch of LexisNexis® Rooftop, a next generation risk assessment tool for home insurers that includes data from aerial photographs, weather, location and a full view of claims history across personal coverages. LexisNexis Rooftop provides roof-level insights into supply, retention and renewal, enabling insurers to make informed decisions about policy underwriting and pricing.
LexisNexis Risk Solutions (PRNewsfoto / LexisNexis Risk Solutions)
LexisNexis Rooftop uses image analysis to identify roof damage and other features, but uses other key data to create the entire image. Because some types of damage may not be visible with aerial photographs, LexisNexis Rooftop also takes into account nearby weather event data and the resulting auto and home claims to determine how much wear and tear a roof has sustained.
“Wind and hail damage associated with roof replacement accounts for nearly half of all home insurance costs, according to our latest LexisNexis Home Trends Report,” he said George Hosfield, Senior Director for Home Insurance at LexisNexis Risk Solutions. “Currently, the insurance industry is managing this risk by asking homeowners the age of their roofs or using outdated images. This approach is just not good enough for fully assessing the risk. The combination of aerial imagery and forecasting capabilities in our roofing solution provides a more effective tool to combat it of the rising wind and the hail losses. “
LexisNexis Risk Solutions conducted a damage study1 that assigned a rooftop rating to a random sample of properties in states affected by weather-related damage. This study analyzed the next 12 months of major weather damage affecting these properties and segmented the results by score. The high-risk score group had 30 times the claim rate of the low-risk score group in the study and 3.5 times the claim rate of the general population.
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LexisNexis Rooftop also offers homeowner benefits. With carriers having a better understanding of the roof condition in advance, consumers can expect a faster and more streamlined shopping experience. Shippers can also use this insight to inform their existing customers of deteriorating conditions that should be addressed to avoid more costly repairs and to validate the previous condition in their claim process.
“According to our CLUE® Real Estate Reports, home insurance purchases are increasing year on year as homeowners seek ways to cut their expenses. Freight forwarders who best understand the property they insure have a competitive advantage when consumers shop for new insurance and look for more accurate premiums, “said Hosfield.
For more information on LexisNexis Rooftop and other LexisNexis home insurance solutions such as LexisNexis® Current Carrier Property, which enables LexisNexis Rooftop to provide pre-renewal insight based on the insurance data provided, please visit here.
About LexisNexis Risk Solutions
LexisNexis® Risk Solutions leverages the power of data and advanced analytics to deliver insights that help businesses and government agencies reduce risk and improve decisions that benefit people around the world. We provide data and technology solutions for a variety of industries including insurance, financial services, healthcare, and government. Headquarters in the subway Atlanta, GeorgiaWe have offices around the world and are part of RELX (LSE: REL / NYSE: RELX), a global provider of information-based analysis and decision-making tools for professional and business clients. More information is available at www.risk.lexisnexis.com and www.relx.com.
LexisNexis Risk Solutions
Brodeur partner for LexisNexis Risk Solutions
1 2020 LexisNexis® Risk Solutions study: Relativity of the claim rate according to the umbrella rating
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SOURCE LexisNexis Risk Solutions