The Best Universal Property Expands Underwriting and Claim Analytics
The Best Universal Property Expands Underwriting and Claim Analytics
The Best Universal Property Expands Underwriting and Claim Analytics Universal Insurance Holdings, Inc. (NYSE: UVE), which is a wholly-owned subsidiary of Universal Insurance Holdings, Inc., is expanding its property underwriting and claims workflows to help customers at key points in the insurance value chain.
(Nasdaq: VRSK), a market-leading provider of data analytics, is powering the new solutions with the growing end-to-end ecosystem it has built.
With the help of innovative solutions developed by insurers, they are able to drive improved business performance and customer experience from quote to claim. These solutions leverage the company’s distinctive data, technology, and expertise.
As part of the expansion, Universal will start using three solutions
which gives estimates of replacement costs based on individual parts; LOCATION®, which gives information about a variety of risks at the address level; and Xactimate®, which is the industry-standard solution for estimating property claims.
These integrated solutions are part of the ecosystem, and they will let Universal use claims analytics, which may include localized pricing data for labor and materials, to improve underwriting and make sure that customers have the coverage they need for the entire life of the policy.
will also give universal access to information about the age of roofs and customers’ loss histories, both of which are important parts of the process of underwriting property insurance.
will also make XactAnalysis® available to everyone. This is a tool for full-cycle claims management that helps benchmark and improve claims performance.
Michael Poloskey, the Chief Operating Officer at Universal Property, says, “In order to meet our customers’ needs, we need to have easy access to accurate and up-to-date information about risk.”
“We switched to an integrated ecosystem because it will let us get to important data quickly and give our customers the speed and accuracy they need when they need coverage or have had a loss.”
is always improving its insurance solutions by using its own data, cutting-edge analytics, and industry-leading technologies like artificial intelligence and machine learning.
BuildFax is one of the best places to get information about a property’s history and condition. Last year, the company updated its roof age tool by adding information about building permits.
Mark Anquillare, Chief Operating Officer, says, “By focusing on the end-user, we create innovative solutions that improve the customer experience, streamline insurance workflows, and increase operational efficiencies.”
“We are thrilled to deepen our relationship with Universal and assist them in further enhancing the quality of their digital underwriting and claims process,”
About Universal Insurance Holdings, Inc.
Universal Insurance Holdings (UVE) offers P&C and value-added insurance. The company makes, sells, and writes insurance policies for consumers, mostly in the personal and residential lines of business.
It also provides risk management, claims management, and distribution for its primary insurance entities. The company sells insurance through independent agents and online in 19 states (primarily Florida). UniversalInsuranceHoldings.com has details.
