7 blog posts tagged "Insurance"

Address verification is an essential tool that property insurance companies should use when analyzing risk. Perils are often associated with potential hazards located on or near a property, but they can also be tied to the general area a property is in. Verifying addresses ensures that a policy falls within a covered area, which is vital for both an insurance company and their customers. To start, the insurance policy premium needs to be priced for the property's actual location. Otherwise, a premium could be mispriced because of a misclassified risk area.

When it comes to address verification, getting a match every time might seem like the goal. After all, a system that always returns a validated address must be working perfectly, right?Wrong. If your address verification API always forces a match, no matter what, it’s not being helpful. It’s actually introducing risk. In fact, getting a “no match” result can frequently be the smarter, safer outcome. Let’s talk about why. What is a "no match" telling you?A “no match” means the input address doesn’t align with any known, valid address in the reference database.

We're happy to announce a recent partnership with EigenRisk, an insurance technology firm. Below, you will find the announcement they published on their site:ANN ARBOR, MI, December 05, 2024—EigenRisk®, a leading provider of catastrophe risk management solutions, today announced a new agreement with Smarty, a preeminent provider of address data solutions. The agreement will make Smarty’s address location intelligence and geocoding resources available through the EigenPrism® catastrophe risk management platform.

Without looking it up, do you know how much insurance losses natural catastrophes caused in 2022? What's your guess?According to a report published by Swiss Re, the world's leading provider of reinsurance, "Natural catastrophes caused an estimated USD 115 billion of insured losses in 2022—coming in well above the 10-year average of USD 81 billion. " A number that large, leaves a lot of room for improvement. One of the biggest challenges insurance providers face is accurately predicting where and when these devastating disasters will occur so that they can take appropriate measures to mitigate losses.

June 27, 2023 – PROVO, UTAH - Smarty, the location data intelligence leader, has teamed up with Sapiens, a global provider of software solutions for the insurance industry, to help insurers take their business-critical location data to the next level. With access to Smarty's cutting-edge tools, Sapiens customers can now transform the way they underwrite policies, manage risk, and process claims. Leveraging Smarty's technology allows insurers to refine risk profiles, write more profitable policies, insure properties more effectively, and improve the claims lifecycle while simultaneously reducing costs, risk, and liability.

Let's get straight to the point. If your company isn't converting clicks to sales, you're losing money. But this you already know. What you may not know is you can solve this quickly with address autocomplete on your web forms. With major corporations everywhere holding mass layoffs, generating revenue has never been more urgent. Appealing discounts, deals, offers, etc. will attract visits, but if your web form is difficult to fill out, those clicks won't convert. Let's talk about how using Smarty's Address Autocomplete API will reduce friction in your web forms and increase conversions.

Insurers know the colossal importance of being accurate. A simple error could create an outstanding difference in results. At the same time, the customer wants speed. The modern lifestyle is fast paced, and any need that isn't met instantly is an inconvenience. Businesses and their investors need to find the most efficient solutions to providing accuracy, without slowing down the near instant return to the customer. Accurate risk assessment and faster quotesIn today's insurance world, where convenience is king, the fastest quote wears the crown.