RiskMeter Adds Foreclosure Monitoring Services for P&C Insurers

Boston, MA, March 2009 – CDS Business Mapping, LLC., a leader in online hazard mapping, today announced it has added foreclosure monitoring to its RiskMeter Online service.

  All users have to do is submit an excel file, and the RiskMeter Online will flag which policies are in the foreclosure process. 

Many insurers are starting to realize that once a property enters a state of foreclosure, the potential for losses can increase, due to vandalism, water damage, arson, etc.  Insurers who are able to identify policies that are in the foreclosure process will be able to take proactive steps to minimize losses by:

Requesting a property inspection
Determining occupancy status (occupied, vacant)
Revising coverage
Increasing premiums
Issuing a cancellation or non-renewal notice

"Due to the current economic conditions, foreclosures will continue to be a problem in 2009 and beyond," explains Dan Munson, Founder, RiskMeter Online.  "With unemployment figures rising, home values depreciating, fewer people qualifying for refinancing and more mortgages underwater, homeowners are either walking away or finding it tougher to make their mortgage payments.  Insurers who can identify policies in the early stages of the foreclosure process, will at least be able to take proactive steps to minimize any losses," says Munson.  For more information, please contact Daniel Munson, Founder, RiskMeter Online at 617.737.4444 or dmunson@cdsys.com

About RiskMeter.com
For property underwriters and agents who are looking to increase accuracy, productivity and overall speed of operations, the RiskMeter Online is an Internet application used to automate property risk reports.  By simply typing in an address, users can get back natural hazard information for a given policy location.  The RiskMeter can perform more than 30 different reports, including: distance to coast, rating territory, flood zone, windpool eligibility, proximity to brush, EQ hazards and much more!  For more information, please visit www.RiskMeter.com

About CDS Business Mapping

CDS Business Mapping, LLC., was founded in 1994 as a desktop mapping sales and consulting company. The company offers a full line of mapping software, data and applications for insurers.  CDS Business Mapping also specializes in natural hazard risk assessment tools and data and is dedicated to the creation and implementation of mapping solutions for the insurance industry.
 

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Glenn is a geographer and a GIS professional with over 20 years experience in the industry. He's the co-founder of GISuser and several other technology web publications.


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