27 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.

In the wake of the recent LA fires that scorched over 10,000 homes and displaced thousands of families, the need for precision in disaster preparation, wildfire risk assessment, and emergency response is clear. Wildfire risk assessment processes are full of pain points for insurance carriers and reinsurance carriers alike: specifically considering risk assessment, efficient response times and routes, and even recovery efforts. This is where address location intelligence can support insurance carriers and governmental entity responses.

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.

Property data refers to the long and varied list of attributes that characterize or describe real estate assets. A properly configured bulk property data solution can help real estate pros form a reliable and highly detailed picture of an asset, providing vital insights about a property's location, structural features, and financial status long before stepping foot on the premises. Ready to experience supercharged property analytics with Smarty? Click here to try US Property Data live. Otherwise, keep reading as we dig into some real estate property data analytics use cases.

According to a study by AIThority, the mortgage industry hasn't quiiiiiite caught the vision of property data analytics. More than a third of lenders (37%) are what we might call property data dabblers—they've got access to the basics but not much more. Another 36% of mortgage businesses have enough game to conduct descriptive, post-mortem analyses. Still, a mere 3% of companies are found worthy of wielding a property data API for effective prescriptive analytics. For mortgage, repair, and utility companies willing to put in the work, a proper analytics program fueled by address data APIs is a game-changer.

84% of customers say the experience a company provides is as important as its products or services, according to a Salesforce report. Over the past decade, the insurance market has become saturated with endless products and options. Buyers have adjusted and evolved in response to the buffet of insurance options, becoming more sophisticated and specific in what they need and want. To keep these sophisticated buyers at your insurance smorgasbord rather than the other guys’, it’s essential to understand their new and improved expectations.

Remember that phrase we all used in middle school, “Well if you love it so much, why don’t you marry it?” Well, we couldn’t agree more. Address data and insurance claims have been partners in an ever-evolving landscape of technology and property for years. Insurance claims rely on geocoding to find the exact location, and property data is used to assess the property's condition and attached amenities before losses. Efficiently deploying adjusters and accurately assessing damage is impossible without accurate address data.

We had a sit-down with Smarty crew members, Caroline Roweton, Associate Product Manager, and Landon Fackrell, Software Engineer, and delved into Smarty's innovative new Excel plugin. This powerful tool makes address validation easier than ever, allowing users to clean and verify their address data directly within Excel. With a focus on simplicity and efficiency, Caroline and Landon talked about the features and benefits of the plugin, demonstrating how it can save time and enhance data accuracy without any need for coding.

Insurance customers expect quick and customized service and immediate responses in their interactions. Smartphones, online transactions, and digital communications rule the world. Yet, the policy issuance for insurance can be extremely slow and painful. This is due primarily to the fact that accuracy matters so much regarding customer data, and this data takes a while to curate and process. So, how do insurers streamline claims processing while maintaining the highest accuracy levels?Speed and ease go togetherThe quick answer is "automation and digitization.

For underwriting efficiencies and commercial insurance success, the accuracy and reliability of data are crucial. Accurate data improves the risk assessment process and optimizes the overall workflow, saving both time and money. Leveraging Smarty's high-quality address data solutions, precise rooftop geocoding, address verification with PUIDs, and address autocomplete provides a significant advantage in improving insurance underwriting processes. The significance of a single rooftop geocoding vendorTraditional geocoding cascades pose challenges.

The U. S. homeowner’s insurance segment is facing unprecedented challenges, marked by the worst underwriting results since at least 2000. According to a recent report by AM Best, the segment experienced a staggering $15. 2 billion underwriting loss in 2023, more than double the losses seen in the previous year. They credit this dramatic increase in insured losses primarily to population migration into areas where weather-related events occur more frequently, coupled with rising urbanization and development in regions susceptible to natural perils.

OREM, UT, July 16, 2024 — Smarty, the address data intelligence leader, announces today the launch of US Secondary Address Data, a new address enrichment API product that seamlessly integrates into an organization's existing systems. Smarty’s US Secondary Address Data provides the exact number of units within a building, such as a business complex and apartment building, including the complete and verified secondary addresses. This functionality is crucial for any organization looking to further market research efforts, create go-to-market plans, boost marketing effectiveness, enhance customer relations, and ensure regulatory compliance.

In a recent webinar, Berk Charlton, Chief Product Officer at Smarty™, provided an in-depth look at our industry-leading address intelligence suite designed to provide highly accurate geocoding and address validation. Here are the main points Berk covered during the session:Comprehensive product suite: Smarty offers a wide range of products, including address validation, rooftop geocoding, global address auto-complete, and address data enrichment. These tools are designed to handle various aspects of address management and enhancement in industries from Insurance to Healthcare to Telecom and more.

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.

December 18, 2023 - SAN MATEO, Calif. and PROVO, Utah – Guidewire (NYSE: GWRE) and Smarty™ announced that the new Built by Guidewire Smarty integrations are now available to ClaimCenter and PolicyCenter Cloud users in the Guidewire Marketplace, enabling insurers to enhance property risk analysis. Smarty’s suite of cloud-based address data intelligence solutions helps insurers analyze risks with accurate property attributes, geocodes, and addresses. Its US Rooftop Geocoding solution rapidly delivers the exact location of a structure on a property, enabling insurers to more accurately gauge a property’s risk level.

Geocoding is converting a physical address into geographic coordinates with latitude and longitude. Accurate geocodes are critical for many applications—routing deliveries, analyzing insurance risk, mapping utilities, and more. In a recent webinar, Smarty's customer service specialist, Ben Rivera, outlined best practices for maximizing geocode accuracy using our APIs and tools. Here are some of the key takeaways:The problem of inaccurate geocodes Many common geocoding services provide ZIP Code or centroid-level accuracy at best.

In the wake of disasters like catastrophic weather events, wildfires, and other incidents, the significance of property and casualty (P&C) insurance claims agents and adjusters becomes essential. Their role is pivotal, yet often challenging, as they navigate the aftermath to assess damages, estimate repair or replacement costs, and process insurance claims. Claims agents and adjusters often face difficulties deploying to areas affected by disasters and obtaining accurate information amid chaotic circumstances.

October 4, 2023 - PROVO, UT—Smarty, the address data intelligence leader, announces today the launch of its US Property Data product with more than 350 property data points. Smarty's US Property Data and Address Enrichment API includes financial, structural, and locational data to enhance business risk analysis and inform strategic investments. "Accurate property data play a crucial role in various industries, enabling organizations to make informed decisions and enhance their operations," said Berk Charlton, Chief Product Officer at Smarty.

Smarty™ has been creating top-notch address data tools since it's inception in 2011. A key part of providing the best location data and address data tools in the world is keeping those products at the cutting edge of the industry. We do this by adding new features, products, and solutions that our customers can use to improve their lives as often as we can. In a recent webinar, our Chief Product Officer Berk Charlton outlined some of the newest features we've added to our US Rooftop Geocoding tool.

Handling address data is such a routine occurrence for health insurance providers that it’s not the first thing that would come to mind as being a liability. However, the reality is that discrepancies and inaccuracies in address data can have far-reaching consequences, posing serious privacy and compliance risks. Healthcare fraud, reputational damage, and financial penalties are just a few examples of the potential hazards. In this article, we’ll delve into three common types of privacy and compliance risks resulting from incorrect or incomplete address data.

When it comes to physical health, sometimes the smallest things can have a big impact. A microscopic virus or a small injury can develop into a life-threatening infection before you even know it’s there — and conversely, a tiny pill or ointment can save a life. The little things matter when it comes to health data, too. In particular, address data is a small part of a patient profile that can have far-reaching effects if it is incorrect or incomplete. Address data is a key information point at the center of billing and communication with patients, and even a slight mistake in an address—a missing unit number or a misspelled street name—can make mail undeliverable.

Ever since the first Blue Cross health insurance plan was provided to Texas schoolteachers in 1929 for a monthly fee of $6, health insurance providers have formed the backbone of the American healthcare system. Today, as that system faces ongoing scrutiny, health insurance providers are still at the heart of the action, striving to connect patients to the highest possible quality of care while navigating significant changes including rising costs, digital transformation, medical advances, customer expectations, and ever-present regulations.

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.