Combatting climate change starts with real-time data

Combatting climate change starts with real-time data

Mick Noland, Executive and General Manager of Insurance Solutions, CoreLogic

As climate change continues to force the insurance industry to adapt to new conditions, severe natural catastrophes such as hurricanes, wildfires and floods are becoming more frequent and more challenging to predict.

At the same time, consumers, now expecting seamless and integrated experiences from their digital products, have growing expectations, while insurers are being hit with higher losses and lower margins. Without having access to the latest data and technology, insurers encounter unpredictability and the consequences of an unprofitable business model. Insurers that are not adapting or being proactive in how they change their processes are falling significantly behind.

To navigate this challenge, insurers are increasingly turning to data providers with real-time, accurate and actionable information on properties, geography and weather. Having information with depth and breadth is key to increasing the number of data points and resulting intelligence on any given property.

CoreLogic helps clients find, buy and protect the homes and businesses they love. As the only provider of intelligence solutions across the property-buying journey, CoreLogic is able to incorporate deep data insights into insurance processes that many carriers do not have access to today. Not only does this provide clients with new views of risk, but also new profitable customers to target. With more comprehensive data and analytics, insurers can better evaluate risks, better understand exposures and provide a better overall customer experience.

While there are many great insurance solutions in the industry, vendors often sell only point solutions to insurers and walk away. Insurers are left with a myriad of solutions to navigate with minimal integration capabilities. What insurers need is a one-stop shop where all of these solutions can be effortlessly combined.

CoreLogic’s Digital Hub, a single API integration, allows for seamless connectivity between 50 different InsurTech solutions. This includes solutions from every side of the insurance life-cycle, whether it’s new business, underwriting or claims. By leveraging the same set of data in quoting and all the way through the claims cycle, clients experience a seamless integration process, helping them to lower their expenses, create more efficient business models and expand their revenues.

To learn more about CoreLogic’s insurance solutions, please visit the CoreLogic website.

© Business Reporter 2021

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