JERSEY CITY, N.J., June 01, 2021 (GLOBE NEWSWIRE) — Determining the age and replacement cost of a roof, seeing its condition evolve and understanding the potential for storm damage are becoming increasingly critical for underwriting property insurance and ensuring customers have the coverage they need. But obtaining all that information can be a significant challenge. To help address this need, Verisk (Nasdaq: VRSK), a leading global data analytics provider, has launched Roof Underwriting Reports, combining artificial intelligence and leading analytics to provide insurers with robust views of every roof they insure.
“A roof is one of the most important parts of a structure to consider during underwriting and one of the most difficult on which to obtain updated information due to the hidden and evolving risk,” said Neil Spector, president of ISO at Verisk. “Our new Roof Underwriting Reports can help insurers quickly gain insights to refine risk selection and segmentation, automate underwriting and better serve their customers.”
Growing roof claims highlight need for enhanced underwriting analytics
The new Roof Underwriting Reports are being introduced as many insurers are seeing the number of damaged roofs in the United States continue to grow. More than 2.3 million roof claims were processed in 2020 by Xactware, a Verisk business. That was about a 25 percent increase in the number of roof claims compared to 2019.
The new Roof Underwriting Reports draw on a wide range of robust and unique data, providing insights into several factors insurers may consider during underwriting, including:
- Age and condition — While many insurers traditionally rely on in-person inspections or the year of construction—that data may be difficult to obtain and imprecise. Verisk combines aerial imagery analytics, permits data, and an array of other data elements to provide updated information on the age, material, geometry and changing conditions of a roof.
- Replacement costs — As they have over the last year, the costs of materials and labor can vary widely over time and in different areas. Verisk draws on updated pricing surveys and actual claims to deliver reliable replacement cost estimates for roofs, down to their individual components.
- Hail and wind damage — Hail damage can go unnoticed for years, and a claim may be filed with an insurer who wasn’t covering the building when the damage occurred. Verisk’s imagery and weather data enable insurers to identify roofs that have been affected by past storms.
The Roof Underwriting Report for Homeowners also features information on tree coverage, advisory loss costs and claims insights on neighboring residences.
Verisk (Nasdaq: VRSK) provides predictive analytics and decision-support solutions to customers in the insurance, energy and specialized markets, and financial services industries. More than 70 percent of the FORTUNE 100 relies on the company’s advanced technologies to manage risks, make better decisions and improve operating efficiency. The company’s analytic solutions address insurance underwriting and claims, fraud, regulatory compliance, natural resources, catastrophes, economic forecasting, geopolitical risks, as well as environmental, social, and governance (ESG) matters. Celebrating its 50th anniversary, the company continues to make the world better, safer and stronger, and fosters an inclusive and diverse culture where all team members feel they belong. With more than 100 offices in nearly 35 countries, Verisk consistently earns certification by Great Place to Work. For more: Verisk.com, LinkedIn, Twitter, Facebook, and YouTube.
Ali Krueger Herbert