Boston, MA, June 2012 – RiskMeter Online, a provider of real-time natural hazard risk reports, today announced an enhanced offering from BuildFax, the creator of the first and only database of historical building permit data. RiskMeter users can now access BuildFax’s roof age data in real-time, enabling carriers to validate their existing policies and helping to identify any errors.
Roof age is a significant underwriting factor for many carriers, yet it’s time consuming and expensive to verify. This partnership is expected to streamline the underwriting process for RiskMeter users by quickly spotting red flags when it comes to roof information provided directly by an agent or applicant. BuildFax has found that upwards of 45% of the roof ages currently on file for carries are typically miscalculated by 1 or more years.
“Our number one priority is to put the latest data, reports and tools at our users fingertips,” says Dan Munson, Founder, RiskMeter Online. “BuildFax has collected and processed the original building permit data to ensure underwriters are getting the correct information. Although roofs may look 5-10 years old, underwriters will often be surprised to learn through the BuildFax database that construction records reveal they are closer to 15-20 years old.”
“Recently, carriers have been telling me that they are losing 15 cents, 20 cents and more on every premium dollar to roof related claims,” says Holly Tachovsky, President of BuildFax. “In response, RiskMeter and BuildFax are teaming up to help carriers get smarter about the roof risk in their book of business and the new roofs they are underwriting. For example, the combination of BuildFax’s roof related construction dates and details and RiskMeter’s natural hazard risk reports will enable carriers to (1) more efficiently review their existing book of business by easily identifying properties with older roofs, and (2) quickly determine underwriting eligibility with factors like roof year and wind mitigation.”
For more information about this partnership, please contact Daniel Munson, Founder, RiskMeter Online at 617.737.4444, firstname.lastname@example.org or Courtney Crawford, Marketing Manager, BuildFax at 704.625.9992 x269, email@example.com.
BuildFax is the creator of the first and only automated source for national, historical building permit data, providing details on property condition and improvements – such as major remodels, additions, and new roofs. Armed with BuildFax property intelligence, carriers can reduce costs and improve profitability through property change detection, more accurate roof age, re-inspection optimization, and more. The BuildFax national footprint continues to grow, currently covering over 72 million residential and commercial properties in the United States, with over 6 billion data points. For more information, visit www.buildfax.com.
RiskMeter Online is used by underwriters and agents to automate property lookups. This Web-based solution utilizes Internet mapping technology to enable underwriters to determine the proximity to natural hazards for any property in the Unites States. It’s far more accurate and faster than any other method for determining property risk, and can save underwriters considerable time and money. The RiskMeter Online provides over 30 real-time reports, including Distance to Coast, FEMA Flood Zones, Rating Territories, Windpool Eligibility, RMS Data & Analytics, Individual AAL & PML Reports, Earthquake information and much more.