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How to get better property data for insurance

How to get better property data for insurance
Ryan Muir
Ryan Muir
 • 
March 1, 2024
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In a recent webinar, we brought in our Product Marketing Manager, Ryan Muir, to delve into the transformative potential of Smarty's property data solutions for the insurance sector.

Before his work with Smarty, Ryan was a licensed insurance agent for a Property and Casualty (P&C) insurance provider. During his tenure, he worked closely with underwriters, brokers, agencies, and even program managers, giving him a comprehensive understanding of how insurance teams and companies utilize property data.

Access to accurate and comprehensive property data is crucial in the insurance landscape. Smarty's property data solutions offer a transformative approach for insurers, providing over 350 attributes, including ownership details, structural information, locational insights, and more.

 

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This wealth of data is pivotal across various insurance processes, from underwriting and compliance to claims management and premium assessment.

"Property data takes a holistic look at the data that can be found on a property, whether that's the structural information, locational information, the amenities and things like that." - Ryan Muir.

Accurate property data addresses common challenges insurers face, such as incomplete applications and the inaccuracies often found in self-reported information. By integrating Smarty's property data, insurance companies can significantly enhance the precision of their operations, leading to improved risk assessment and more accurate policy pricing.

 

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The benefits extend further into fraud detection, where detailed property attributes allow insurers to verify the accuracy of claims and applications, thereby mitigating risk and potential losses. Similarly, the data aids in identifying underinsured properties, ensuring that policy coverage accurately reflects the property's value and characteristics.

"Addresses are crucial for the insurance industry. And it really touches every part of it, from program development and underwriting compliance to claims and eligibility and determining premiums." - Ryan Muir.

For catastrophe modeling and portfolio evaluation, Smarty's property data proves invaluable. Insurers can leverage this data to gain insights into potential risks and vulnerabilities within their portfolio, enabling proactive risk management and disaster preparedness. Additionally, customer profiling becomes more targeted and effective with the rich insights derived from comprehensive property data, allowing for more personalized and competitive insurance offerings.

 

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To fully grasp the potential of Smarty's property data in revolutionizing insurance operations and enhancing customer service, you can get 15 free property lookups. Simply complete this form, and we can get you set up.

Are you interested in learning more about the property data available? Watch the full webinar recording below.

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