The list of hazards—from potentially dangerous dogs to unfenced swimming pools-that turn up on a property inspection report can send high risk signals to property insurance underwriters. But how much risk? And what premium level properly covers that risk?
Until now, underwriters have made such decisions manually by evaluating all the items on the property inspection report before making a decision. Now, with Property PredictR™—a Fair Isaac® Insurance Score from Millennium Information Services—that manual process can be replaced with a precise measurement of the risk of a property.
As the first statistically developed property risk score, Property PredictR ushers in a new era of precision and accuracy in property underwriting, Property PredictR is based on property inspection data gathered by Millennium and processed on their MAPS™ processing platform, a time-tested paperless workflow platform used by insurers to manage all aspects of the property inspection process.
Using Property PredictR score within the MAPS platform, insurers can make automated decisions in a number of areas. Underwriters can make more profitable and more efficient decisions knowing that risk assessments are based on the sound, proven analytics Fair Isaac is known for.
Using the score, underwriters can:
- Automatically accept lower-risk applications, reducing underwriting costs
- Send higher-risk applications or policies for more careful review, such as identifying severe problem areas for correction
- Determine an appropriate pricing tier by risk
- Process higher-scoring renewal policies automatically, while flagging lower-scoring risks for further examination and perhaps repricing
Using the score, product managers can:
- Perform agency management by scoring & segmenting an agent's book of business
The Property PredictR Insurance Score is accessed through Millennium's Automated Property System (MAPS™).
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