The Hanover plans to integrate geospatial analytics from CAPE into its rating plans to offer customers better coverage and pricing.
(Image source: The Hanover homepage.)
CAPE Analytics, (Palo Alto, Calif) a provider of geospatial intelligence for property risk and valuation, has announced an expansion of its relationship with The Hanover Insurance Group (Worcester, Mass.) to integrate geospatial analytics earlier in the underwriting process to augment inspection and rating models, according to a statement from CAPE.
As part of its relationship with The Hanover, CAPE has helped improve workflows and outcomes for new and renewal underwriting, and enhanced pricing segmentation. With each subsequent implementation, The Hanover has provided stage gates that have served to push CAPE’s technological capabilities to drive better underwriting and deliver superior results, according to the statement.
CAPE identifies property characteristics such as a roof’s condition, yard debris, solar panels, overhanging trees, swimming pools, and more with faster speed and accuracy than traditional third-party data sources. In addition to underwriting automation and straight-through processing, The Hanover leverages this intelligence to provide a standout customer experience and empower its independent agents.
“The Hanover team rigorously assessed the returns associated with each use case, ensuring they got value from day one,” comments Scott Strogatz, Senior Director, Client Development, CAPE. “Being agent-focused enables them to respond quickly to market changes and customer needs, thus maximizing the value derived from CAPE insights.”
Pushing the Boundary of the Possible
“We continue to push the boundary of what’s possible by integrating CAPE’s capabilities, like underwriters reviewing residential roof quality and other homeowner potential issues like yard debris and the presence of pools and trampolines,” adds Tim Dillahunt, VP, Underwriting Operations and Strategy, The Hanover. “The Hanover’s commitment to investing in technology provides independent agents with a better understanding of risk and more accurate pricing.”
Reference: IIReporter
0 Comments