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Category :   Services / Insurance And Financial Services
Price :    $2/-
Title :    Ecosystem Partner POV: e2Value on Property Intelligence and Underwriting
Discription :    

Skip Coan, SVP of e2Value joined Cogitate to discuss the recent economic trends impacting homeowners and commercial property insurance. Skip addressed the undervaluation of properties due to escalating replacement costs and how e2Value is working hard to educate the industry on rectifying this problem.

Cogitate’s DigitalEdge platform integrates with e2Value to place current, accurate property data at the fingertips of underwriters to easily evaluate property risks and calculate the replacement value of improvements– solving a historic problem for the insurance industry exacerbated by today’s inflationary conditions.

How big is the problem of undervaluation?

“Undervaluation has been a problem for decades – but now with rapidly rising building, labor, and shipping costs, the gap is widening dramatically, leaving an even greater risk of underinsurance. We urge insurers to run evaluations of their books often enough to clearly understand any gaps in coverage to allow property owners to make educated decisions about the level of protection they purchase.

As of April of 2023, we had run tens of millions of policy addresses through our data sets and on average found at least 50% underinsured based on current replacement values. In addition to inflationary impact, additions, alterations, and improvements to homes are unlikely to be reported to insurers. Without third-party data sources to identify material changes, these also contribute to underinsurance.

While the problem is industry-wide, we most often hear about this post-disaster when a state DOI study is conducted. These studies often reflect demand surge which can also exacerbate the problem in the short term. A perfect example is the Marshall fires of Colorado in 2022 where 83% of the damaged homes were found underinsured – ranging from $99,000 to $240,000 per risk.

When a catastrophe hits, if a property is underinsured, even a partial loss can become a total loss because the replacement cost often hits the policy limits.” 

Policyholders do not have readily available replacement cost indicators and are most often reliant on market values (Zillow or real estate assessments) to self-evaluate their coverage needs. This can lead to surprise, disappointment, and financial hardship when the policyholder becomes a claimant.

What type of data is necessary?

“Property intelligence that includes accurate, local material and labor costs, shipping costs, and current building codes are critical to the quoting process to properly price risks at the outset and eliminate this potential value gap from compounding year over year among your best, long-term customers. For commercial properties, access to building codes is particularly important, especially for large, older buildings. Our replacement cost f

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