Innovative Underwriting Tool Now Offered Nationally with Direct Integration into Home Insurers’ Workflows
LexisNexis Risk Solutions, a leading provider of data, advanced analytics and technology for the insurance industry, announced the expanded nationwide availability and automated workflow integration of LexisNexis® Rooftop, a risk assessment tool for home insurance carriers that uniquely combines aerial imagery with claims insights that measure wear and tear to the roof over time. LexisNexis Rooftop provides weather loss cost segmentation of up to 20x between the highest and lowest risk properties, which can help home insurance carriers make better decisions at new business and renewal, help automate their application workflows, and better manage inspections and underwriting expenses.
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“Roof losses continue to rise,” said Erin Oswalt, director of home insurance at LexisNexis Risk Solutions. “Insurers can use our predictive score to better prioritize inspection and underwriting expense while leveraging supporting data elements to get a more thorough understanding of the property they are insuring. LexisNexis Rooftop helps deliver the intelligence insurers may need on the condition of the roof so they can make more efficient decisions and provide a better experience for homeowners. The expanded availability and new real-time access to LexisNexis Rooftop will provide even more insurers with the ability to improve their loss ratios through this innovative solution.”
According to the 2021 LexisNexis Home Trends Report being released in early Q4, 50% of all home insurance losses over the last year were weather-driven.
To help insurers address this trend and better assess risk, LexisNexis Rooftop:
- Provides a highly predictive risk score from 1-100 that indicates the likelihood of a large weather claim within the next 12 months
- Returns a score more than 95% of the time, even if a recent aerial image is not available
- Delivers up to 80 actionable attributes including recent weather events and related claims insights along with dozens of imagery insights from Arturo
- Is available system-to-system in an automated process through the LexisNexis single point of entry
- Has received early approvals from some state regulators.
“We’re excited about the role that imagery analytics play with LexisNexis Rooftop. In addition to roof condition indicators like roof discoloration or seam repair, home insurers will get powerful insights that help them ensure the homeowner is fully covered – like the presence of additional structures or solar panels, and liability risks such as swimming pools and trampolines,” said Arturo’s CEO John-Isaac Clark. Arturo is an AI analytics provider of property insights and predictive analytics for the LexisNexis Rooftop product.
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“Based on an internal LexisNexis Risk Solutions claims study of more than 3 million properties across the United States, when Rooftop risk scores were applied, 10% of the highest risk properties drove more than 34% of weather-related loss costs within the next year,” said Prasanth Kambhatla, senior director of data science, Insurance, LexisNexis Risk Solutions.
The LexisNexis Rooftop model shows up to a 20x lift in loss cost relativity and an 18x lift in claims rate relativity between the highest-risk properties and lowest-risk properties. Together with the accompanying data attributes, this can act as a powerful tool for insurers for faster, more cost-effective decision making.
For insurers, these attributes and scores can help them move from a reactive position to proactively partnering with their homeowners. Adding imagery capabilities to the auto and home claims dataset from LexisNexis Risk Solutions has resulted in a real-time, interactive solution to help segment roof risk.
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