BuildFax Bolsters AIIG’s Post-Irma Claims Management Strategy with Data-Driven Insights
Sep. 11, 2018
AUSTIN, Texas--(BUSINESS WIRE)--Sep 11, 2018--BuildFax, a leading provider of property condition and history insights for the largest insurance and financial institutions, released findings today in response to an influx of more than 30,000 claims submissions to American Integrity Insurance Group (AIIG) after Hurricane Irma.
Using its unique Change Detection Insights—which track property changes over time, informing key business decisions and carrier data validation—BuildFax uncovered a significant number of property updates, and lack thereof, that enabled AIIG to accurately assess risk across its book of business at scale. Preliminary findings revealed:A staggering 50 percent of properties had zero permitted activity in the 10 months following Hurricane Irma. 53 percent of permitted activity was related to roof repairs. A majority of permits pulled were for repairs between $10,000 and $50,000.
“BuildFax data provides unprecedented transparency into a carrier’s book of business and pinpoints property-level insights that help identify fraud, mitigate risk and enable meaningful touchpoints with insureds,” said BuildFax COO Jonathan Kanarek. “With Change Detection, AIIG quickly and efficiently responded to thousands of claims while gauging the condition of its entire book of business, thus better preparing its claims unit in advance of the next hurricane season.”
Following more than a decade of relative stability for Florida carriers, the 2017 hurricane season exhausted claims department resources, AIIG included.
“From an efficiency perspective, the insights that BuildFax delivered have saved us around 30 percent in additional research time developing our non-renewal strategy,” said Gloria Hendrickson, senior vice president of risk management for AIIG.
BuildFax, headquartered in Austin, Texas, is trusted by the largest insurance and financial institutions in the world to deliver business-critical property condition and history data. With the only database of its kind encompassing more than 23 billion data points on commercial and residential structures, BuildFax delivers detailed data on remodeling, solar installations, new construction, roof age, major systems, maintenance history and more. To learn more about BuildFax, visit www.buildfax.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20180911005087/en/
CONTACT: For BuildFax
Emma Chase, 512-551-9253
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE PROFESSIONAL SERVICES INSURANCE CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
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PUB: 09/11/2018 09:00 AM/DISC: 09/11/2018 09:01 AM