Understanding the rebuild cost of an insured property is critical for making accurate underwriting decisions and ensuring policyholders are paid in full for any losses incurred.
With the continued increase in the resolution of property attribute data available from sources such as aerial imagery and cleansed public records, the ability to accurately understand property characteristics (and therefore rebuild value) is improving.
Insurance carriers need to be aware of the sources of data and analytics they are using and be able to assess and work with the inherent uncertainty with all third-party information.
‘Property Intelligence: the future of accurately assessing rebuild value’, a new InsTech report produced in partnership with CAPE Analytics, reviews:
- how insurers use property attribute data to calculate rebuild value
- the potential for new artificial intelligence technologies to improve these inputs and introduce confidence scores
- other key factors to consider when determining a property attribute data provider
It is available to download for free in our Reports section.