CoreLogic’s underwriting platform now contains AI functionalities that empower underwriters to do their jobs more quickly, efficiently, and accurately.
Integrated within CoreLogic’s Underwriting Residential and Commercial Valuation solutions, the prefill capability uses machine learning to help underwriters accurately determine property reconstruction cost values. This solution automatically populates an underwriter’s estimate with data from a comprehensive property intelligence source, which includes information from more than 100 million residential and 16 million commercial properties.
With CoreLogic's Residential and Commercial Prefill, underwriters instantly get relevant data surrounding any property's structural risk and value. It allows them to confidently establish insurance policies that provide the right amount and types of coverage, along with the right premiums—all based on accurate, up-to-date risk and property history information.
First Floor Height™
CoreLogic’s First Floor Height feature removes all the complexities and third-party sources traditionally involved in determining the first-floor height of any structure. A crucial metric for determining flood risk, first floor height is defined as the lowest finished floor at or above the lowest adjacent grade, excluding enclosures and garages. As insurers create their flood insurance rating systems and issue flood insurance policies, they must factor accurate first-floor height into the equation.
Experience an AI-driven model that processes comprehensive real estate imagery and appraisal data to calculate first floor height measurements consistently and with address-level precision. This first floor height model removes human error from calculations and eliminates the need for third-party information sources like elevation certificates for the underwriting process.
Wildfire Mitigation Score™
The California Department of Insurance now requires all California insurers to establish new insurance rating models for wildfire insurance policies, which include 12 newly identified mitigating factors. In response to these new demands and challenges for insurers, CoreLogic developed the Wildfire Mitigation Score—a comprehensive risk score that evaluates a property on a scale of one to 100, based on the wildfire mitigation actions taken by the owners.
The scoring tool uses the AI and machine learning of CoreLogic’s Weather Verification Services to identify mitigating factors for different structures.
Fire Resiliency™
CoreLogic’s Fire Resiliency is an AI-driven solution that produces a score to determine a property’s vulnerability to non-weather-related fires. This score reflects the probability that a property would succumb to total loss from a fire and is a predictor of both the frequency and severity of fire loss claims for insurance carriers.
To calculate the score, Fire Resiliency analyzes community fire response data, geographical and fire history data, and structural characteristics for each property. All this information comes from CoreLogic’s proprietary property database.
Positioning data in the form of a straightforward score, Fire Resiliency gives property insurance providers a simple value to use for conducting complete portfolio analyses. It also enables underwriters to confidently write more fire insurance policies, with greater accuracy.
Within CoreLogic’s UnderwritingCenter™ platform, CoreLogic’s AI Virtual Survey is a functionality that scans aerial property images in the United States to identify hazardous conditions and geospatial risks, as well as to assess Insurance-to-Value (ITV) for every structure.
This tool analyzes exterior and interior photos from CoreLogic’s extensive real estate database, allowing underwriters to conduct accurate, imagery-based virtual inspections for any property, directly from their desks (or anywhere in the world).
CoreLogic's Virtual Survey automatically detects and highlights exterior risk attributes that could elude the human eye, ensuring that underwriters get a complete picture and full understanding of every element of a property in question.
As a result, users make better, more consistent underwriting decisions.
This function utilizes AI to run data through sets of rules to automate actions, thus enabling straight-through processing. This saves considerable time and effort for underwriters who would otherwise spend hours reviewing aerial images from drones and then take analog notes of the hazardous conditions present. The AI Virtual Survey function also eliminates the need for insurers to coordinate costly and intrusive onsite inspections.
CoreLogic incorporates AI into its weather solutions—a set of digital tools that provide insurers with automated, data-driven models and forensic information about a full spectrum of events, including severe convective storms, wildfires, and wind. Powered by comprehensive property, weather, and risk insights and information, these models allow carriers to optimize their response strategies as they quickly and accurately verify claims.
Verify™
CoreLogic Weather | Verify utilizes machine learning to provide forensic weather verification maps and reports. Forensic data produced in these reports provide insights into past weather activities so that insurance carriers can understand specific impacts on their policyholders. With this intelligence, they can also predict the likelihood, frequency, and severity of future storms that could impact their property portfolios. This intelligence comes through hail verification reports, hail size maps, wind verification maps, wind speed maps, and more.
CoreLogic Catastrophe Risk Management Solutions enable users to determine risk and intelligently predict a catastrophe-related loss for any location. These solutions provide AI-driven risk assessments that allow insurance carriers to establish more accurate, risk-based policy pricing instead of using traditional pricing average methods to set costs.
Our AI-driven models combine the power of CoreLogic Verify with scientific analyses of dozens of historical and predictive data sources, which provide granular datasets. The result is clear-cut hazard risk scoring for floods, storm surges, hurricane winds, wildfires, earthquakes, hail, tornadoes, straight-line winds, and sinkholes.
These solutions allow insurance providers to analyze their portfolios more accurately and efficiently so they can, in turn, avoid selecting properties with adverse risk. In short, this AI-powered tool set facilitates the identification of “good risk” properties and enables carriers to establish fair, comprehensive insurance rating systems.
CoreLogic Restoration solutions include AI applications and features that enable users —from office to field professionals—to execute projects more quickly and efficiently, first by providing a holistic set of specific property data. CoreLogic AI tools for the property restoration sector infuse accuracy into each phase of every project.
Image Analytics™
Powered by Artificial Intelligence and integrated into CoreLogic’s DASH, our image analytics function automatically scans each image a user uploads into the job management platform and instantly produces a complete set of property data for every structure in each picture.
These descriptions generate as photo tags and include property condition, building grade, home features, kitchen quality grade, the presence and type of damage, and more. These auto-populated descriptors for each photo paint a full picture of an upcoming project for technicians, instantly giving them important insights for planning and resourcing.
This function saves technicians significant time, eliminating the need for them to conduct manual data entry about properties for every job. It also improves the larger organization’s efficiency and database quality by offering better recordkeeping with minimal effort.
Mitigate™
Mitigate is a simple, efficient, powerful water mitigation platform built on streamlined workflows that bring efficiency and effectiveness to real-time field data collection. This solution provides technicians with an interface that is field operation-friendly and consistent across any device and operating system, simplifying the water loss documentation process while preserving accuracy.
Using LiDAR technology, Mitigate’s room scanning feature enables technicians to create floor plans that include dimensions instantly while onsite—directly from their compatible iOS device. With this feature, users don’t have to wait for hours to get a floor plan or manually sketch their own—it’s immediate and adjustable right there in the field.
Mitigate uses AI to provide photo tags for captured images, identifying all the structural and non-structural objects in the room. Mitigate shortens project lifecycles and infuses greater accuracy into every step of the water loss documentation process, driving better estimates and reporting.
Transform your business operations with data insights and automation.
Fill out the form below to get in touch with a member of our team.
Loading...