3 ways a property data API can improve your P&C digital insurance game

Estated Staff Oct 17th, 2019 / Property Data Api, Insurance

If you’re in the insurance industry, you’re already well aware of how the digitization of insurance services is changing the way your business is expected to interact with homeowners and buyers. CBInsights notes fourteen insurance trends of 2019 that impact digital interactions and include conversational AI, commercial data automation, insurtech-as-a-service and embedded home insurance — just to name a few.

This long list of options can be quite overwhelming for any broker, owner or product manager trying to figure out where to focus time and resources when it comes to digitizing services. A single property data API, however, can be applied in simplistic ways across trends to help your digital initiatives stand out.

When connected to a comprehensive nationwide property database via Estated’s API, each property record of over 150+ data points is pulled using a property-address lookup and includes insurance-critical details like dwelling age, size and owner information. This level of deep insight into an individual homeowner’s needs will allow you to better serve them while still streamlining your communications — to the delight of all parties involved.

We’ve identified three property data-driven strategies below that will help you improve digital interactions with homeowners, fast — thanks to the ability to add personalized, individual property-level data to features you may already be invested in. Simplify your connected insurance goals and make them a reality today.

#01 Win with digital underwriting

Improve the quoting process by reducing friction and headache for applicants by pulling valuable information from an entire property record of 150+ data points with a straight forward property address. You get the benefit of a comprehensive picture of the property they are looking to insure and your site visitor isn’t burdened by being asked to find and enter information he doesn’t know. Plus, a property database pulls information from multiple sources, providing a check on the information returned, so it is much less likely you’ll have to redo or correct critical data points that your applicant reasoned was a good educated guess.

Property data can also lead to more accurate digital underwriting. If you’re not equipped to provide customers with accurate quotes in real-time, you’re likely going to miss out to competitors who will. Using a property data API to inform replacement cost calculations is a proven way to improve customer experience. Blend Insurance Agency is an example of an insurtech business doing it during the mortgage lending process — tackling this year’s embedded home insurance trend. Read the case study to see how they did it.


#02 Build a personalized dashboard

An informed customer is a happy customer, and you can help them in their quest for reliable, relevant information by keeping their most valuable asset (making a wager here) top of mind. There’s no one monitoring whether your homeowners are planning their routine maintenance or preparing properly for inclement weather. By creating a personalized dashboard that visualizes a property and its unique characteristics in one easy-to-reference place, customers will be more likely to engage with you and find day-to-day value your services — giving them peace of mind and helping you stay top of mind.


#03 Show you’re the expert

Personalized messaging is the way to your customer’s heart. Giving prompt, helpful communication can be the maker or breaker of a customer’s perception of how well you are able to address their unique needs. A property data API-powered chatbot is one solid digital strategy for generating additional insights in seconds on where a customer lives, the size or age of their property. You will be well informed and can dive into what really matters at the outset. Don’t waste valuable customer interactions asking questions you already have the answer to. Your customer and your service reps will thank you.

Conclusion

Whether you’re determined to add 1 or 14 of this year’s insurance trends to your business, give yourself a pat on the back for getting the ball rolling. Though you may not be Lemonade, designing their entire suite of services around digital interactions, you can still see great success with digital-first initiatives. Harness the power of customer preferences by offering streamlined, online services — and property data can help make it worth your while.

Get even more ideas for how you can use property data to level-up your digital game no matter where you want to focus on the value chain.