Property Insurance Carrier Case Study: Limit Risk to Unexpected Losses

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Identifying and monitoring high-risk properties is a critical part of any insurance carrier’s inspection strategy.

A recent TransUnion analysis shows the two leading contributors to unexpected non-weather losses are occupancy and delinquent mortgage exposures. Often, these policies and their corresponding loss performance go undetected and slowly erode non-weather loss ratios.

Poor non-weather loss performance can be linked directly to exposures in your property portfolio where the risk has changed – making the premium inadequate for the increase in exposure.

A TU case study found that Occupancy Alert decreased non-weather loss ratios – a substantial improvement on bottom line results.

Problem: An insurance carrier discovered that 23% of its losses over $25,000 were linked to a change in occupancy.

Process: Using TransUnion Occupancy Solutions with mortgage delinquency, a renewal inspection prioritization was developed to identify their top inspection priorities (about 10% of their renewal book).

Results: In less than a year, they saw an immediate impact on their non-weather loss ratio—a decrease of 29%.

TransUnion Occupancy Solutions identify and monitor properties that have become: Vacant, Unoccupied, Non-owner occupied, Seasonal, Secondary, or In estate; and flag polices that may be in or heading toward foreclosure.

Read the insight guide Predictive Power for more ways analytics can help you identify high-risk properties.

Get the most from your property inspection return. Contact your TransUnion representative, call 866-922-2100 or visit the TransUnion Insurance solutions website.

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