CoreLogic, a provider of information, analytics and business services, announce the introduction of a new risk assessment tool designed to help property & casualty insurers make more informed, accurate, and timely underwriting decisions with the convenience of a desktop solution.
The Xiance Desktop for insurers will provide property-level data and analytics, allowing users to access hazard risk and premium tax data to improve risk assessment and underwriting decisions. The product is the first from CoreLogic that will fall under the Xiance suite of products.
Using the Xiance Desktop, insurers are able to pinpoint a property’s vulnerability to natural disasters such as earthquakes, wildfires, and hurricane-driven storm surge flooding, prior to determining availability and extent of insurance coverage. Users will benefit from enhanced risk selection, underwriting efficiency, and improved loss ratios.
Drawing from CoreLogic hazard and tax databases, the platform includes two main components, including a Batch Wizard, which is batch data functionality to match and append data for large sets of property files, and a Map View option, which allows for visualizing individual properties to determine hazard risk and premium tax data.
With real-time access to parcel-level data, the Xiance Desktop will improve underwriting decisions by providing accurate natural hazard risk data that can be obtained by peril and on a per-transaction basis. Comprehensive tax data will also ensure compliance with states requiring premium tax payments and help insurers avoid incorrectly estimated taxes that can be costly.
According to Scott Little, vice president and general manager for the Spatial Solutions group at CoreLogic, the product will be particularly useful for mid-level insurance providers, including carriers, agents, wholesalers and managing agents/underwriters looking to access the most accurate and up-to-date risk data within affordable parameters.
“The Xiance Desktop design allows for a dynamic end-user experience based on insurers’ individual needs at a specific point in time,” says Little. “We’ve built a customizable, easy to use program that will help them improve their assessment of parcel-level natural hazard risks, more accurately assess property exposure and, ultimately, be better prepared to make sound policy decisions. All of this is available within a price point that is very user-friendly and without a need for costly IT implementation.”