Hippo and Rooftop Geocodes for Accurate Fire and Weather Risk Modeling
At a glance
The Client: Hippo
The Challenge: Precise location data is critical to catastrophe modeling for pre-build homeowner insurance policies
The Solution: Rooftop-level geocoding enables more accurate risk modeling
Hippo has been working with Smarty address verification tools for over 3 years. Impressed with the accuracy of Smarty's tools, Hippo increased its partnership with Smarty to include rooftop-level geocoding accuracy to enhance its risk exposure predictions.
Smarty's US Rooftop Geocoding utilizes Smarty US Address Verification. The embedded tools consolidate the steps and products Hippo needs to only US Rooftop Geocoding. Verified and geocoded addresses combine with data from other vendors, such as home characteristics, information on the insured, loss history, and any further details needed for underwriting.
When considering the Hippo and Smarty integration, Galgan said, "Address verification and geocoding is the single most important piece of data we buy."
When builders provide addresses and information about future home development, it’s often only the parcel latitude/longitude information; the addresses don’t yet exist in the USPS database.
"We need to understand where the home structure is on the parcel, so we can get wildfire measurements and know we have accurate data for reinsurance and modeling," said Galgan.
Rooftop geocoding helps Hippo understand exactly where homes will be so they can quote entire developments before construction is complete. Not only does exact geocoding data help Hippo quote new builds, but it also empowers them to secure reinsurance treaties under challenging markets.
The Results: Hippo can confidently move forward with risk modeling and get better pricing on reinsurance
With rooftop-level accurate geocodes, Hippo is more confident in its -wildfire and catastrophe risk modeling. They can more accurately predict future risks and understand their exposure.
The better data will pay off in long-term money savings; Hippo can get better pricing on reinsurance thanks to the accurate location data.
"We've been delighted with the product and the relationship with Smarty." said Galgan.
As a data-driven company, Hippo has been reviewing its data and vendors and working to streamline its processes. Consolidating vendors includes phasing out other autocomplete providers and only using Smarty for address autocomplete in addition to the Smarty address verification and geocoding they’re already using.
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