Most unexpected losses occur during the claims stage – and they come in different forms. TransUnion provides more accurate underwriting data across the policy lifecycle to help ensure legitimate payouts and reduce claims losses.
Receive notifications about changes that could lead to claims losses
By combining consumer data with advanced analytics, we've developed solutions to monitor policies and alert you to changes you need to know about. That way, you can take the appropriate action to manage risk and reduce fraudulent claims.
What could unidentified vacancies cost you?
After one leading property insurance carrier began monitoring its policies, it received 1,010 alerts for potential vacancies. Upon investigation, 88% of these properties turned out to be vacant. Because of the advanced warning, the carrier was able to manage those policies before any claims were filed and save an estimated* $2 million in losses.
* Based on an average property insurance claim of $7,400 from Insurance Services Office, Inc. (http://www.iii.org/media/facts/statsbyissue/homeowners/), and the estimate that 30% of vacant homes will file a property insurance claim according to estimates provided by TransUnion P/C insurance customers.
Foreclosure and Vacancy Triggers
Identify potentially abandoned properties before paying invalid claims.