Applying New Change Detection Solutions to Enhance Portfolio Performance and Profitability
Date: Tuesday, November 8, 2011
Time: 2:00pm ET | 11:00am PT
As the next step in MSB’s research series on using new sources of risk information to enhance profitability in the P&C industry – join us to find out how new Change Detection solutions can help Commercial and Residential property writers proactively monitor and keep current with the 5-10% of their portfolio that is changing every year.
In light of today’s tough economic times, and historically low levels of new home construction and home sales many consumers have opted to reinvest discretionary income into renovating or upgrading their current property. Residential remodeling activity indicators are reaching new heights of activity, and, in some parts of the country, are at a seven-year high.
Which properties in your portfolio recently replaced their roofs? Perhaps more importantly, which properties in your portfolio completed additions or renovations and are now potentially underinsured?
Until now, it has been impossible to get a list of policyholders (or potential policyholders) who have made these types of changes. But today, Marshall & Swift/Boeckh is teaming up with BuildFax, the only national database of building, remodel, and repair data, to provide new Change Detection solutions to help insurers monitor their portfolio for changes that impact a property’s risk profile or inherent replacement value. Capturing these changes as part of a strategic approach to managing change will help carriers properly maintain limits of insurance in their book, generate commensurate premium for the additional risk insured and identify populations of current and prospective customers who have improved the risk profile of their property.
Attend this web seminar and you will learn:
Holly is the President and co-founder of BuildFax, a revolution in understanding a property’s history and current condition. Called “the life story of a building” by some and “like running a background check on your house” by others, BuildFax offers the only national database of construction records on a property. Holly has led her innovative team to take BuildFax from “a cool idea” to its current industry-changing trajectory. BuildFax is having a transformative impact on the entire real estate transaction system – from lending to insurance to real estate agents. BuildFax provides property characteristics that illuminate the value and risks of a structure. Prior to BuildFax, Holly was co-founder of BluePrince, a successful, early innovator in online process management and mobile-driven solutions for construction permitting and municipal management. Prior to her entry into entrepreneurism, Holly worked as a business plan analyst for a venture capital company investing in high tech start-ups. Holly is an alumnus of The University of Texas at Austin and bleeds Burnt Orange (Hook’Em!).
Vice President of Customer Engagement
Marshall & Swift/Boeckh
Michael Fisher serves as the Vice President of Customer Engagement, overseeing national Account Services, Training and Sightline Operations for Marshall & Swift/Boeckh. In his seven years with the organization, Mr. Fisher previously led its Information Technology Department and served as Assistant Vice President of SightLine Operations. Under Mr. Fisher’s management, the organization has processed more than two million homeowner surveys in an effort to help its clients improve ITV accuracy in their residential books of business. Before joining Marshall & Swift/Boeckh, Mr. Fisher spent 14 years in IT Operations, which included seven years of active duty in the U.S. Marine Corps and four years as an Operations Manager with the Microsoft Corporation.
New York’s attorney general has opened a criminal probe into accusations by Hurricane Sandy victims that insurance companies rejected claims for flood damage to their properties based on falsified engineering reports.
Novarica surveyed P&C insurers about current and planned deployments in areas of analytics, data, digital channels, modern applications and innovative business practices. Here's what they found.