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LexisNexis® Home Inspection Index boosts inspection return-on-investment
Technology Category
- Analytics & Modeling - Predictive Analytics
- Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Predictive Maintenance
- Remote Asset Management
Services
- Data Science Services
- System Integration
The Challenge
Like many carriers, this company struggled with managing inspection resources for the greatest return on investment. It lacked the ability to specifically identify those properties most in need of inspection at the time of policy renewal. Instead, this carrier conducted selective inspections of properties in high hazard areas; a costly and time intensive method with little to no perceivable impact on actionable rates. As losses continued to mount, alarms were raised across the enterprise. The call went out for a cost-effective solution that would cause minimal disruption to the current process while significantly increasing actionable discovery rates, thereby reducing losses.
About The Customer
This case study is regarding a homeowners insurance carrier that has been a leader in bringing the digital experience to the homeowners insurance space, providing on-line quotes, services and purchase capabilities. This company acquires and serves customers through both an agency channel and its direct-to-consumer website, using a streamlined process accompanied by a proprietary mapping system. The business is focused on aggressively managing loss ratios in its current portfolio while increasing the number of policies in force (PIF) through multi-state expansion.
The Solution
LexisNexis® Home Inspection Index is a predictive model solution that leverages data from multiple proprietary and public record datasets and returns an index value ranging from 1 to 5 for each property (1 being least likely to be in need of inspection, 5 being most likely to be in need of inspection), accompanied by model indicators and attributes. Home Inspection Index fits seamlessly into a carrier’s existing workflow and is accessible from the LexisNexis platform through a system-to-system connection. With Home Inspection Index, this carrier could better identify the most high-risk properties and target inspection resources accordingly, saving time and money while reducing losses from undiscovered risks.
Operational Impact
Quantitative Benefit
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