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CoreLogic has launched an expanded property risk platform that offers a fully integrated and complete view of property risk to the insurance industry, according to an announcement on CoreLogic's website.
The new platform, known as RCT Express 4.2, includes comprehensive building and contents valuation estimates and can be integrated into an existing valuation, allowing for the inclusion of contents estimates in insurance providers' risk assessments, according to CoreLogic.
"The innovative features and functionality of this expanded platform gives carriers the ability to quantify exposure risk for roof condition and contents estimating – bringing clarity to two critical variables previously unknown in the quoting and underwriting workflow," said Steve Brewer, SVP of product management for CoreLogic Insurance Solutions. "By leveraging these risk assessment datasets, carriers can make better pricing and risk selection decisions which lead to measurable bottom-line results."
The new expanded platform includes a feature known as Hail Insight which integrates weather forensics in order to determine pre-existing hail damage, and also provides a quick and easy way to determine appropriate coverage limits – by including a new feature known as Contents Estimating which enables users to complete a contents estimate for homeowner, condo, and tenant policies quickly and accurately in a single valuation workflow by combining with building valuation data. Using the expanded RCT Express 4.2 platform, carriers can align coverage options by analyzing individual homeowner and renter risk profiles instead of the traditional method of applying a straight percentage of building reconstruction costs.
With the new Hail Insight feature, carriers can address one of the most challenging problems the valuation industry is currently facing, which is frequency and severity of hail-related roof damage. Carriers can determine a property's pre-existing roof condition by using precise historical hail data and a proprietary hail verification model, thus allowing them to proactively identify issues related to the roof's condition and take appropriate action.
Other features of the RCT Express 4.2 platform include: InterChange, which provides property-specific pre-fill data with a confidence score, which provides carriers with an accuracy rating for the data provided in a pre-fill record; roof age, which provides accurate data regarding the age of a roof to underwriters; change-detection permit alerts, which identify changes that are made to the property such as renovations or additions to major system changes; and aerial imagery, which provides a visual reference that carriers can use to identify a property's unique features and risks.
