Enhancing underwriting efficiencies with address data

For underwriting efficiencies and commercial insurance success, the accuracy and reliability of data are crucial. Accurate data improves the risk assessment process and optimizes the overall workflow, saving both time and money. Leveraging Smarty's high-quality address data solutions, precise rooftop geocoding, address verification with PUIDs, and address autocomplete provides a significant advantage in improving insurance underwriting processes.

The significance of a single rooftop geocoding vendor

Traditional geocoding cascades pose challenges. The cost climbs every ladder in your wallet as you run data through multiple data sources, trying to find that last bit of information. It can be even more time-consuming if done by hand.

Smarty's precise and vast data can reduce or even eliminate the need for multiple sources, streamlining the process. More than 95% of Smarty's geocodes are rooftop accurate, meaning that the location pin will fall right on the roof instead of in the center of the parcel of land. AND, you can process addresses up to 10,000 times faster than other geocoding vendors in either bulk or single verification modes.

By utilizing Smarty at the top of your geocoding cascade, you can reduce financial and time costs.

The 3-in-1 advantage

Smarty pairs reliable rooftop geocoding with best-in-class address verification, 45 points of metadata (including RDI!), and SmartyKey™, a persistent unique identifier that makes it easy for you to identify a location even if aliases or address components change. 
Going with Smarty's integrated solution is more efficient and cost-effective than a multi-vendor approach.

For example, a typical insurer would use 3 vendors on average in their geocoding cascade to find and double-check all of the rooftop-level geocodes within an area. Then, they’d go to a fourth vendor to validate each address and have that vendor attempt to create a PUID for each one. However, with Smarty, they’d only need one vendor to validate addresses with PUIDs and geocodes. Productivity, accuracy, and turnaround time go up.

Faster, smoother, and cost-effective, all while being accurate.

Actuaries - Enhancing risk and catastrophe models

Incorporating Smarty's data into risk and CAT models allows actuaries to perform continuous, accurate risk assessments. This leads to increased data trust, efficient calculations, and cost savings.

Maybe you’re wondering if using Smarty's data requires that all work be done online and in real-time. Nope. Once you have your information, you can pre-append your data to build risk models at your leisure. Run them on the weekends if you so choose. As promised, faster and completely accurate assessments are at your fingertips.

What's that? Oh yeah, sure. You're welcome.

Underwriters - Optimizing underwriting with US Property Data

Underwriters can use Geocodes to create precise policies and guidelines, resulting in significant cost savings and enhanced profitability. Pair them with Smarty's US Property Data to get 350+ points of property characteristics, and an underwriter will be fully prepared with accurate and verifiable data for their policies.

Smarty has more than 220 million addresses with additional property characteristics you can tap into. This prevents fraud by cutting out the word-of-mouth source of data about property assets, increasing the profitability of each policy.

Claims adjusters - Streamlining claims adjustments and preventing fraud

Smarty's autocomplete tools ensure accurate address entry in claims by providing only verified and accurate address options for users to choose from. Additionally, US Property Data helps verify the property features, assess damages, and inform payouts by providing the original build materials. This leads to faster, more accurate claims processing and reduced fraud risk.

When a policyholder attempts to file a claim, the adjuster can leverage address data to prevent fraudulent payouts. This doesn't slow down the process at all; in fact, it only enhances the process as Smarty can verify and deliver billions of addresses and their data per second.

Smarty can easily help you verify whether or not a shed used to be there. We’ll end the argument of how old the roof is. Karen, the roof is indeed only 3 years old.

Combining autocomplete (for the accuracy of the address) and US Property Data (for the accuracy of the assets) saves time and money for both the insured and the insurer. Throwing in geocoding products makes your data a slam dunk in the accuracy department. 

Building a more reliable property insurance program

Integrating high-quality data from Smarty is foundational to building a quality property insurance program. Smarty’s accurate address data and rooftop geocoding provide the reliability needed for top-notch risk assessments and unprecedented policy underwriting. By leveraging Smarty’s comprehensive data, underwriters can streamline the process, creating precise policies and guidelines while reducing administrative costs.

Incorporating Smarty’s data into risk and CAT models allows actuaries to perform continuous, accurate risk assessments, leading to more reliable models and better-informed decisions. This greatly enhances overall risk management strategies.

On the claims side, Smarty’s autocomplete tools ensure accurate address entry, reducing errors and fraud. With verified addresses and detailed property data, claims adjusters can process claims more efficiently, resulting in faster payouts and improved customer satisfaction.

Insurers reap huge rewards when integrating high-quality address data at the top of the cascade. Accurate underwriting leads to precise premium calculations, minimizing the likelihood of underpricing or overpricing policies. This precision translates to substantial cost savings and increased profitability for insurers.

Furthermore, a quality property insurance program built with Smarty’s data offers comprehensive coverage for policyholders. Accurate property identification and evaluation ensure all potential risks are considered, providing optimal protection. This builds trust and loyalty among clients, contributing to long-term success.

Smarty’s regular updates also support continuous improvement. We empower your organization to continue refining risk models and underwriting guidelines by providing you with hot-off-the-press data evolution. This proactive approach ensures the insurance program remains robust and relevant in an ever-changing landscape.

Integrating Smarty’s high-quality address data into a property insurance program offers numerous benefits,  including streamlined underwriting and claims adjustment,  more accurate risk assessments,  and substantial financial savings. Smarty's simple and accurate address data solutions help insurers build leaner processes that fuel programs their customers love.